Nominal wages in digital media proving to be not that sticky.

As a generalized collapse in demand sinks the advertising market and pulls the media down, I can’t help but think the myth that the economy has been “shut down” (rather than allowed to collapse) is doing a lot of real harm.

Both groceries and restaurant food are for sale. Consumer durable goods of all kinds (clothing, furniture, electronics, appliances) are for sale. Health care services are available as are many forms of entertainment. The economy mostly exists.

Obviously the closure of theaters, live entertainment, and a range of personal services isn’t nothing.

But the shuttered sectors of the economy aren’t nearly large enough to explain this scale of collapse in advertising — it’s just not enough of the economy.

I know congress and the Fed both feel like they’ve pulled out all the stops — and they really have done a lot.

But look around ... nothing looks like an economy with adequate demand and none of the indicators are consistent with it; they haven’t done enough.