The media trust crisis that should alarm every leader

A Gallup survey finds American confidence in mass media has collapsed to 31%.

This number is a historic low with profound implications for anyone leading in business or government. The latest numbers, from a survey conducted from September 2 to 16, 2025, mark the first time this Gallup measurement has fallen below 35%.

This isn't a partisan talking point.

When Gallup began measuring trust in news media in the 1970s, between 68% and 72% of Americans expressed confidence in reporting.

Today, trust has cratered across the political spectrum: Republican confidence sits at 12%, independents at 27%, and even Democrats have declined to 54%. When two-thirds of Americans actively distrust the institutions meant to inform public discourse, we face a crisis in our information infrastructure.

The generational data is particularly sobering. Only 38% of Americans 65 and older trust media, while younger cohorts register at 31% or below. As demographics shift, institutional credibility is likely to deteriorate further without significant intervention.

Top six insights:

1. Trust in media has reached a historic low: At 31%, this marks the lowest confidence level since Gallup began tracking this metric in the 1970s, when trust ranged from 68-72%.

2. Republican confidence has collapsed to 12%: This represents a dramatic decline from already-low levels, and Republican trust hasn't exceeded 21% since 2015.

3. Democratic trust has also declined significantly: Only 54% of Democrats now express confidence in the media, down from historical highs and representing a concerning erosion even among the media's most supportive demographic.

4. A generational divide persists, but everyone's trust is declining: While 38% of adults aged 65+ trust the media compared to 31% or less in younger age groups, even older Americans show substantially lower trust than in previous decades.

5. Two-thirds of Americans are actively distrustful: 67% of US adults express either "not very much" confidence (36%) or "none at all" (31%) in news media, demonstrating widespread skepticism rather than neutral indifference.

6. The decline is universal across all partisan groups: While partisan gaps remain significant, confidence has reached new lows among Republicans, independents, and Democrats alike, indicating this is a systemic issue affecting the entire media landscape.

Why this matters:

Communication becomes nearly impossible when your stakeholders don't trust information sources. Market-moving news faces immediate skepticism. Corporate reputation management operates in an environment where traditional media channels lack persuasive power. Crisis communication strategies built on earned media are fundamentally compromised.

For Capitol Hill staffers, this helps explain why constituents are increasingly rejecting expert consensus and official messaging. For CEOs, it underscores the importance of direct communication channels and authentic engagement more than ever, for private equity executives evaluating portfolio companies, media strategy and stakeholder trust should be top priorities in due diligence.

The challenge isn't simply fixing media. It's recognizing that every leader must now build trust directly with their stakeholders. Your voice, your transparency, and your accountability matter more than any press release ever will.

Access the full Gallup survey here:

-Marc

On writing

Recently, a client said to me, "Writing is thinking."

Brilliant.

Writing is thinking.

Writing is clarification.

Writing is action.

And few documents are more potent than a well-crafted and well-executed shareholder letter.

Lawrence Cunningham has long recognized the value of a shareholder letter. Cunningham is an authority on corporate governance, corporate culture, and corporate law, and teaches business-related courses at George Washington University that span these fields.

He has written dozens of books and scores of articles on a wide range of subjects in law and business. These include the leading textbook on accounting used in law schools, a popular narrative on contracts, and best-selling books on Berkshire Hathaway and Warren Buffett (The Essays of Warren Buffett: Lessons for Corporate America and Berkshire Beyond Buffett: The Enduring Value of Values).

When individual investors ask what resources to consult when searching for great companies, Cunningham advises them to read the shareholder letter that the company sends out annually.

Next to the financial figures, it is probably the most important and most accessible source of valuable information. These communications reveal a lot about a company and its CEO. In a well-written and purposeful shareholder letter, the CEO's commitment, desires, goals, and long-term visions are all visible.

Some CEOs use their shareholder to obfuscate, others patronize, and many appear to be ghostwritten, but the best ones share business insights that help readers understand a company.

Use these clues as filters, just as you would the company's financial statements. Many companies post such letters on their websites, typically as part of their annual reports.

The gold standard of the genre is Warren Buffett, whose pithy statement from his 1997 letter to shareholders of Berkshire Hathaway sums it up:

"When you receive a communication from us, it will come from the fellow you are paying to run the business. Your Chairman firmly believes that owners are entitled to hear directly from the CEO regarding the current state of the business and its prospective outlook. You would demand that in a private company; you should expect no less in a public company."

In "Dear Shareholder," Cunningham's latest book features letters from more than 20 different leaders from 16 companies - several of my favorite companies, including Amazon, Google, Coca-Cola, and Pepsi.

This book is a powerful go-to for inspiration, creativity, and patience. Written to be consumed more like an encyclopedia, you can quickly jump to topics, companies, and leaders, and read for 30 minutes or three minutes.

Cunningham's collection of the best-in-class shareholder letters provides valuable insights, whether it be better company management or improved communication.

-Marc

Is Wall Street ignoring the next recession?

Wall Street’s calm is striking.

Investors keep betting the US will dodge a recession, but the signals tell a different story. Warnings are everywhere, yet hope is the primary strategy in play. If leaders in Washington keep brushing off these signs, voters will certainly remind them in the next mid-term election.

Let’s talk labor.

Unemployment is low, but job growth has slowed to a crawl. The Bureau of Labor Statistics said there were only 150,000 new jobs in July. For months, payroll gains have lagged. That’s not the kind of trend you want when trying to avoid a downturn. Worse, the government recently admitted it overstated job growth by almost a million last year. When numbers get revised down, it means the ground is shakier than we thought.

The leading economic indicators back this up.

The Conference Board’s Leading Economic Index, which tracks things like new orders, jobless claims, and what people expect, dropped 0.5% in August. Over the last half year, it fell even faster. The index’s “recession signal” is now flashing red, warning that a downturn could be near. Stock prices and easy credit have kept the index from dropping further, but those can turn fast.

Why does this matter?

These indicators have a strong track record. When the labor market cools, job openings shrink, and wage growth slows, a slump often follows. The Kansas City Fed and other regional banks see the same pattern: hiring continues, but more slowly, and layoffs are creeping up. These are not the marks of a healthy, growing economy.

So what’s fueling the risk?

Tariffs and trade fights have already trimmed growth this year. Businesses face higher costs and more doubt about where to invest. The Conference Board names tariffs as a significant drag, and the International Monetary Fund warns that trade fights and policy swings could tip us into recession. When companies can’t plan, they stop hiring and spending.

Regulatory confusion adds another layer.

When rules and taxes change without warning, businesses freeze. Both Brookings and Harvard Business Review find that policy swings are a top worry for CEOs. If Washington keeps sending mixed signals, companies will keep their wallets closed and hiring plans on hold.

Market power is part of the problem.

As a handful of big firms dominate key sectors, the economy grows more fragile. The Financial Times notes that this can exacerbate shocks and prolong recovery. When fewer players control the market, one misstep can ripple through the whole system.

Some on Wall Street claim recession odds have dropped.

Recent surveys put the risk at about one in three for the next year, down from almost half earlier this spring. But one-in-three is not a reason to relax. The Conference Board points out that the depth and spread of weakness across key indicators now meet recession warning criteria.

Hope is not a plan.

Leaders in Congress, the White House, and business must face the facts. The risks are real, and the signals are clear. Tariffs, policy swings, and market power add fuel to the fire. Ignoring these signals means sleepwalking into a downturn that could have been avoided—with more realistic moves.

It’s time to stop betting on luck and start planning for what’s next. The US has weathered storms before, but only when leaders paid attention to the signs and acted before it was too late.

-Marc