Sociologists refer to an episode during which the public or the media express concern or fear from a given agent or threat that is exaggerated, out of proportion to, and less serious than its objective danger or potential damage:

Moral Panic

Explanation:

According to my research on various studies conducted by sociologists, I can say that based on the information provided within the question this term is refereed to as a Moral Panic. Like mentioned in the question this term is defined as an instance of public anxiety or alarm in response to a problem regarded as threatening the moral standards of society. Which is initially announced and exaggerated by the media causing it to spread like wildfire through society.

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well its not not rising unemployment and falling inflation.

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an informal structure in a bureaucracy would be something like so-called "office politics". where there's a formal structure set up for the organization, but then an informal subculture as well that has a way of organizing the bureaucracy further. this can be positive because it sets up an added degree of organization, albeit informal, within the bureaucracy.