Can journalism play the role of 4th estate?

Whenever a group of journalists get together and discuss the future of news,it is always the case that the talk will turn to the professions role as the 4th estate.

As we approach the general and local elections in this country,will journalism provide the service that voters require?

According to Robert Reich this is the criteria for forfilling the democratic principle

Democracy requires at least three things: (1) Important decisions are made in the open. (2) The public and its representatives have an opportunity to debate them, so the decisions can be revised in light of what the public discovers and wants. And (3) those who make the big decisions are accountable to voters.

Journalism should play a role in all three.The question is will it,does it want to and even can it as its budgets are slashed?