When you hear 'economics on TV, you are often hearing BS. Chalmers Johnson, author of "Blowback" talks in the introduction to that book of how 'Economics' has become more religion than science. Believe in the free market. Believe in unbridled capitalism. Take it on faith that this will makes us all rich and create a utopia for all of us to live in.
For real economics, read this article by Dean Baker. Remember, he's one of the people that was writing about the housing bubble back while CNN et al were telling you how wonderful the economy was and how you should go buy your Enron stock today.
The whole piece is worth reading. Its hard not to copy it all into here. But, here's the part he ends with.
This raises the possibility that perhaps the deficit hawks don’t really give a damn about the deficit. Perhaps the deficit hawks just want to cut Social Security and Medicare and other programs that benefit the middle class and moderate-income people. Of course, it is also possible that the deficit hawks are just confused when it comes to economic policy. It’s hard to know for sure, but these days ignorance and/or dishonesty appears to be the price of admission to Washington policy debates.
Government of the ignorant and dishonest, government by the ignorant and dishonest, and government for the ignorance and dishonest shall not perish from this earth.
Certainly as not as long as we just keep voting for Democrats or Republicans. And if we even have a hint that this government is ignorant and dishonest, then voting for any incumbent seems suicidal.