It's Not the Economy
The reason? Almost every station has room for improvement. There's always an opportunity to get better. At those stations running their pledge drives at absolute peak performance -- all two or three of them -- there is room for improvement in direct mail and web-based fundraising.
We can't control the economy, but we can control how we raise money. So before you let "it's the economy" become a reason for raising less money, consider how your station might get better.