Age of Obama: More Americans Can't Afford Cable

Journalists routinely used the phrase “Age of Obama” shortly after the 44th President of the United States took the oath of office in January 2009.

Said scribes clearly expected great things to follow – perhaps they read their own biased news clippings. And they were eager to associate all the impending good news on this magical new age.

The term is rarely used these days, even when it’s oh, so applicable to current events.

Take the cable industry. For months, cable subscribers have been cutting the cord on their services, opting to utilize streaming technology for their home entertainment needs. This consumer did just that a few months ago with no regrets. But it turns out my situation was the exception, not the rule.

Those cord cutters were simply trying to save every last penny possible in a rickety economy.

Industry officials had worried that Americans would begin “cord-cutting” in a shift to internet TV, but the recession is more to blame, not internet bling.

“It’s not so much cord-cutting as cost-cutting that’s motivating this. There’s possibly recessionary issues here,” said Dennis Wharton, spokesman for the National Association of Broadcasters.

An ownership survey conducted by GfK Media found that about 6.9 million homes abandoned pay TV last year, a shocking number that industry sources chalk up to the sagging economy

….Younger Americans, minorities and low-income homes, socked by unemployment and the economy have jumped the cable ship in the highest numbers.