Consider Economic and Pocketbook Issues in Election-Related Coverage

When it comes to a presidential election season, economics and politics go hand in hand. Policies on major financial issues offer substantial fodder for business sections in comparing and contrasting the two major candidates.

Such national indicators as consumer spending, productivity, inflation and unemployment are natural economic topics that deserve coverage. But it is also crucial to weave that coverage so that it hits home where everyday readers are most concerned -- their own pocketbooks.

"My basic strategy is to find examples in the local economy to show how economic forces are playing out," says Rob Gavin, business reporter with The Boston Globe. "Try to write about what's happening in the economy and how certain policies effect change."

What's happening in the economy of late is disappointing job growth. Last week, the Labor Department reported that the U.S. added just 32,000 jobs in July, well below some economic forecasts of hundreds of thousands of new jobs.

This news provides immediate discussion for both presidential nominees. Democratic presidential candidate John Kerry pointed out that the "economy may be taking a U-turn." President Bush noted that the numbers show the "economy is continuing to move forward."

According to Gavin, the American public is listening. All other economic factors aside, he notes that job security is what resonates most among many readers.

"The big question is job growth, not just how many jobs are being added but in what sectors they are being added," Gavin says. "Twenty years ago, people in white-collar jobs didn't worry so much about security. But people feel more worried today with outsourcing and globalization."

Given the interest of the job market among Americans, business sections can profile how Bush and Kerry plan to stimulate employment growth in their own communities. Focus on the sectors that drive your local economy -- whether they are manufacturing, technology, agriculture or finance.

But be careful not to report out of one side of your mouth as far as the job picture is concerned in your city, town or state.

"It is easy to skew the storytelling toward the hard-luck cases," says Warren Vieth, staff writer for The Los Angeles Times. "It's harder to find where the good jobs are being created. The challenge is for regional/local reporters who cover particular industries to address the broader benefits."

Inflation concerns are permeating the U.S. economy as well. From higher gasoline rates to increased milk prices, many consumers are feeling the tightening of their pocketbooks through the purchase of everyday goods.

"As best I can tell, people fundamentally size up what their financial situation is first," Vieth notes. "They form impressions about how they think the economy is affecting them. Then they turn their focus to how it is affecting others."

With the price of crude oil reaching record highs seemingly everyday, readers want information on how this will filter down to their local gas stations. As such, it is important to analyze the strategies Kerry and Bush have to better contain oil prices.

One major factor that ultimately determines the path of the nation's economy is the fiscal policies of the candidates. Bush and Kerry have dramatically differing views on their tax polices and how to control the nation's debt.

But stress objectiveness when analyzing the economic platforms for both nominees.

"It depends on how people feel about fiscal discipline," Vieth says. "While it's easy to get people to moan and wail about Bush's fiscal legacy, there should be questions on just how improved things would be under Kerry. It makes sense for business journalists to look at the specific aspects of each policy."

The economy of the 21st century is also affected by ever-changing foreign and domestic concerns. Reporting on how Kerry and Bush can adapt to change through their policies will help paint a more accurate picture to readers.

"I think that two historic forces -- technology and globalization -- are reshaping the economy," Gavin says. "If you accept the premise that these centuries-old forces can't and won't be turned back, I really don't think either Bush or Kerry has addressed in any thoughtful way how their administrations might help the U.S. and its workers adapt to the changes, which are coming faster than ever."

Although the respective Democratic and Republican National Conventions may not provide much thoughtful analysis to this effect, business reporters can look toward the scheduled debates. That's where the candidates will push each other on major financial issues and outline their economic plans for the country.

Copyright © 2008 Donald W. Reynolds National Center for Business Journalism