Over the past year there has been a broad array of economic and political indicators that have been trending generally downward. In the U.S. jobs having been declining, as have exports. Construction has pulled back and property values have fallen. Wages are not keeping pace with inflation. At the same time, approval ratings for President Bush have cratered and Republican Party registration is down. GOP primary voters are showing up at the polls in significantly lower numbers than Democratic voters.
Not surprisingly, this social climate crisis is also being reflected in the market performance of the Fox News Channel. For 2007, Fox News squeezed out a meager ratings increase of 4%. While that was enough to beat the somnambulent CNN’s 2% gain, it was far short of the surging 32% rise enjoyed by MSNBC.