Bad media is a consequence of the wrong incentives
I think the lack of journalism in this country is more a result of the wrong incentives (in the economist's use of the term). specifically, the incentives for journalists and the incentives for media companies discourage honest reporting and incourage sensationalism.
Reporters make more money and have more job security if you are a "brand" and not just a part of a brand. so, being a journalist that gets talked about - by picking fights, making outrageous comments, being good looking, having special access - means more profit for the reporter through book sales, appearances, etc. Bob Woodward saves all his interviewing for a book because he's a brand all his own. that's why what he learns is not a part of the paper.
Commentary is cheaper to produce than actual reporting. it is more costly to pay for the person who investigates for a week to produce one story than it is to have someone comment on someone else's reporting in front of a camera. Does Fox News even have a reporter?
Media has an interest in "big stories". ratings go up during wars. bombs make good video. ever notice how Iraq coverage focuses on the explosions and not the suffering?
There are no "reputation costs" in the punditry. this is an economic term for the costs of people having a untrustworthy experience with you in the past. if a repair person does a terrible job, you would only call them back if their price was much lower than the alternatives. but pundits never pay a reputation cost. getting it wrong in the past has nothing to do with the number of appearances.
Outrageous remarks make good television. being outlandish and outrageous, counter-sensible, means you get time to present your case. prudence and common sense are dull. calling someone a name or taunting someone is that fight people can't turn away from.
One direct consequence of the prevalence of intellectual sloth in our societies is not only voter indifference and apathy, but as well the complacent acceptance of the "dumbing down" (and disinformation) of the news and of the political discourse - after all, journalists and politicians are from the same culture as the voters's ... thus our current tabloid journalism and politics. Assault on Reason, anyone?.
Hence, the "it's all about me", "not in my backyard", "who cares? ", "we're the best", "not my problem", "we're good, they're evil" and other such selfish, uncaring, absolutist and/or uninformed attitudes that have been prevailing among the citizenry