EconoMeter: What are you thankful for this year?
Question: What are you most thankful, economically, this Thanksgiving weekend?
Phil Blair, Manpower
Steady growth in the job market: We are seeing workers begin to reenter the job market because they now see opportunity for themselves. We are also seeing slow but steady growth in wages. I am concerned about competitiveness when counties, cities and areas in California now set their own minimum wage levels. I would like to see it standardized throughout the state as well as the federal minimum wage rate, currently at $7.25, raised to a more reasonable rate.
Kelly Cunningham, National University System
Constitutional democratic republic: Grateful we choose our elected representatives despite the often flawed and fractured manner in which it is done. Plus knowing our leaders are elected for only relatively short periods of time and we can replace them if we choose in the next election cycle. This is largely done in a mostly peaceful way without damage to life and property. For the most part America remains a self-governing, relatively free society choosing our own economic destinies.
David Ely, San Diego State University
The labor market: The local labor market continues to improve. The California Employment Development Department reports that nonfarm employment in San Diego grew by 29,500 jobs over the past year and that the local unemployment rate dropped to 4.8 percent. San Diego is fortunate to have a diversified economy that includes healthy sectors such as life sciences, healthcare, technology, tourism, and defense and strong higher education institutions that prepare graduates to work in the local and global economies.
Gina Champion-Cain, American Investments
Low interest rates: The sustained period of low interest rates has given consumers, business owners, home buyers and developers reason to be thankful for several years now. The availability of "cheap" money has allowed our businesses and land holdings to grow exponentially. Low rates fuel small business, and we are very thankful beneficiaries.
Alan Gin, University of San Diego
The labor market: The labor market, both nationally and locally, has been strong since the end of the Great Recession. The national and local unemployment rates have come down from 10 and 11 percent respectively to below 5 percent. Job growth has been solid, with over 15 million jobs created nationally in the recovery and with local job growth over 30,000 in four of the last five years. As a result, wages are finally starting to grow again.
James Hamilton, UC San Diego
Jobs: Almost 2.4 million more people are working in America today compared to a year ago, and 12.4 million more than 5 years ago. We’re seeing some gains in wages per worker as well. This is the most important reason economic growth has been getting some traction and momentum and is the main reason I’m optimistic about 2017.
Gary London, London Group of Realty Advisors
Innovation: That I live in a moment in time where technological innovation and science are transforming our lives in ways that transcend the old economic constructs. Soon, autonomous vehicles will be on the road, while cognitive robotics will transform the workplace and medicine. These technologies are a sampling of those so significant that they will likely overtake any political setbacks in global trade, climate change or immigration reform.
Norm Miller, University of San Diego
Elon Musk: One man with vision, an immigrant by the way, has pushed past the naysayers and traditional boundaries of what we thought was possible in car building, battery production, solar cells and autonomous cars. Whether his companies succeed is not important as he has shown us what is possible. Every car maker has gleefully tried to copy the technology and raise the bar. Elon’s vision will transform how we live and provide a cleaner environment as a byproduct.
Jamie Moraga, IntelliSolutions
The economy: I am thankful for a resilient economy that in spite of the odds continues to be the little engine that could. 2016 wasn’t an easy year and there have been several times where I thought our economy (and sometimes the world economy) would take a major hit. Yet the market rebounded and sometimes even got better. For my military/defense industry, I am thankful for a city that proudly supports our military and for the servicemen and women who put their lives on the line everyday around the world for our freedom.
Gail Naughton, Histogen
Innovation economy: I am most grateful to be living in a city where the innovation economy is so strong and where so much support exists to foster a culture of entrepreneurship and collaboration. The amazing universities and research centers, along with great organizations like CONNECT, BIOCOM, and programs like EvoNexus and the Lavin EMC and Zahn Center at SDSU help to support the ever growing number of new companies, new job creation and fuel the San Diego economy.
Austin Neudecker, Rev
Our country: As bad as moments can seem, we should remind ourselves that we've won an economic lottery. We are lucky to live in a relatively free country, with a fairly stable economy, and a general rule of law. I am thankful that our society enables innovative individuals to take risks. Historically speaking, we live in a time of rapidly increasing global trade, efficiency, and quality of life. We mustn’t be complacent, but appreciate and defend this progress.
Bob Rauch, R.A. Rauch & Associates
The hospitality industry is doing well: Consumer confidence remains solid; leisure, international, corporate and group travel are all fairly strong and average rate growth is outpacing inflation. San Diego's vibrant hospitality industry rebounded solidly from the Great Recession and currently, there is no recession on the horizon.
Lynn Reaser, Point Loma Nazarene University
Our economic freedom: Economic opportunities remain alive in our nation. We can choose to pursue any profession or career. We can become educated and learn through more channels than have ever before existed. We can strive to excel and be the best at whatever we do. We can fail, learn from our defeat, recover, and move ahead. Finally, we can give back to our community, our school, our profession, any cause we deem worthy, and to those less fortunate.
Job market: I am most thankful for the strength of the job market and the low level of unemployment in San Diego, California and in most of the United States. People being gainfully employed is important to the well-being of each individual. Without a job or career it is difficult to have a sense of fulfillment and being a part of mainstream society.
Dan Seiver, Reilly Financial Advisors
The Yellen Fed: I am most thankful for a Federal Reserve Open Market Committee that has steered a deliberate and even course for monetary policy in recent years. They have rightly ignored the (incorrect) calls for much tighter money, choosing instead to be "data-driven," waiting to see some signs of inflation returning to at least their target of 2 percent before raising interest rates. The result has been an economy which has continued to grow, albeit slowly, while putting millions more Americans back to work.
Chris Van Gorder, Scripps Health
System of government: I’m thankful that we continue to recover -- albeit slowly – from our great recession and that unemployment is low. But I’m concerned that some of these numbers might be deceiving, as some experts said during the election. What the future holds economically under the new administration is in large part unknowable, but I’m thankful for our system of government that ensures we have a system of checks and balances so no one person wields too much influence over the economy.