Obama Economy Hits Media: NYT, Time Announce Major Layoffs

As many as 700 -- almost ten-percent of the overall staff -- are on the chopping block at Time Magazine. According to New York Magazine, a whole herd of top-level sacred cows at the New York Times will be given the non-choice of a buyout or a forced layoff within the next few weeks.  

And in both cases, it's due to "rapidly declining advertising revenue."

Yeah, that's a shame.

This is what you call going down with the ship. Time and the NYT are Exhibits A and B in the case to expose everything wrong and self-defeating with today's mainstream media. Rather than do the job honestly (which would undoubtedly improve the customer base), and wake up to the reality that the Internet has removed the monopolistic distribution bottleneck on the flow of information that kept them alive for so long, both publications chose instead to double down when it came to pushing a left-wing agenda.

It was almost as if they knew the end was coming, and this was their last chance.

But that's their choice; it's a free country, right? And while I don't wish anyone long-term unemployment in Obama's jobs-barren economy, that doesn't mean the karma of the situation isn’t worth noting. The problem old media is facing with "rapidly declining advertising revenue" isn't only due to the fact that they "suck." It also has to do with the job performance of a failed president they went all-in on to elect and re-elect.

Ronald Reagan proved that it is more than possible to come roaring out of a crippling recession if the correct economic policies are put into place. Barack Obama decided to go the exact other way. Moreover, the media sold whatever credibility it had left to not only give him the power to destroy any chance we had for a real recovery, but in order to win his reelection, the media also manufactured a new and accepted normal when it comes to what an economic recovery actually is.

It's just a fact that if the economy was doing better, advertising revenue would be doing better, and as a result, fewer people at Time and the NYT would be losing their jobs today.

No matter what, though, no matter how bad things get for them personally or for our country as a whole, nothing will ever give these institutions the unselfish moral courage to admit a mistake was made.