The other NEA (the National Endowment for the Arts) has released a study called To Read or Not To Read finding the answer, by and large, is not.

On average, Americans ages 15 to 24 spend almost two hours a day watching TV, and only seven minutes of their daily leisure time on reading. … From 1992 to 2003, the percentage of adults with graduate school experience who were rated proficient in prose reading dropped by 10 points, a 20 percent rate of decline.