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The positive story is in tech. Biotech jobs have grown from 18,000 in the first quarter of 2008 to 21,000 in the same period this year, although venture capital going into the field is coming down moderately. Software jobs are increasing, but some other areas such as telecommunications are soft.

Manufacturing, which enjoys higher salaries, “is only 7.5 percent of [San Diego] employment,” compared with 9.2 percent nationally, says Cunningham. “If you go back to World War II, [manufacturing] was 50 percent in San Diego.” Today, “Consumer spending is weak; job growth is weak. I would expect a bigger rebound, but we are not seeing it.”

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Twister June 15, 2011 @ 6:20 p.m.

Why would Cunningham "expect a bigger rebound?


Don Bauder June 15, 2011 @ 9:46 p.m.

Cunningham had begun the year predicting improvement that hasn't materialized. But he still thinks it may, although he is not looking for much. Best, Don Bauder


Psycholizard June 16, 2011 @ 2:19 p.m.

My nightly walks through the PB party zone suggest that the tourist and hospitality business is doing well, partly due to the return of the fleet recently, but also because of San Diego's new status as a international destination for young people.

Long term, military cutbacks may slow our growth, but in the meantime, the return of our military from our overseas misadventures should help our local economy.


Don Bauder June 16, 2011 @ 2:49 p.m.

I agree that our military misadventures have been abysmal. We still have troops in Iraq, Afghanistan is a quagmire and we have no reason for being there, we keep getting into other conflagrations such as in Libya and Yemen, and we have bases all over the world that should be closed. I don't see signs that we are cutting back significantly. Best, Don Bauder


clockerbob June 17, 2011 @ 8:41 a.m.

San Diego city council is following the pre-bankruptcy steps taken by the United States Post office.

Sunday, post office realizes that they will default on pension obligations/payment. Tuesday give Postal workers a 3.5% raise Wednesday give the workers a no work stoppage guarantee Thursday default on pension payment-declare bankruptcy Friday have taxpayers pay for raise-no work stoppage guaranty and amount defaulted on pension fund.


Don Bauder June 17, 2011 @ 12:34 p.m.

I guess I should hurry and get some things in the mail if the post office is going to file for BK. Best, Don Bauder


Twister June 18, 2011 @ 2:39 p.m.

I tried to post this day before yesterday:

I'm certain that Cunningham is more cunning than I am about "economic predictions" (why does oxymoron spring to mind?), but his most pessimistic outlook is brighter than the hole in the half-empty bowl that I see draining the world economy as the stovepipe of the rich overfloweth.

(Yeah, I know--so what's NEW?)

Well, "my" gas well is capped while the fracking gas wells in Colorado and elsewhere in the Intermountain West seep into water wells, not to mention the fracking compounds. It's expensive to drill and frack up the Rockies, but cheaper than paying the likes of me royalties.

The between-the-lines message here is that we has seen the enemy and he/she is our friendly gasbags. One of their TV ads brags "There's enough gas in this country to last 100 years." Lessee, that's three whole generations. Them great gradkids will have to have a pipe up their keesters connected to their scooters to come visit grandma.

And furthermore(!), we've had a peek at the future of oil, but we've grown tired of that, and we are eating up the corny idea that we can grow, grow, grow and borrow, borrow, borrow. Now LOOKY HERE--robbing Peter to pay Paul ain't the answer to our insatiable lust for more! And MORE, mah friends, is what economic predictions are dependent upon.

Back in the Great Depression, when there was a small fraction of the population of today (not to mention tomorrow, and tomorrow and tomorrow, the most significant factor in economic predictions) the rich followed the poor down the drain (but nowhere nearly so far--but y' know what, it "hurt" them more; they had farther to fall—the rest just die off or do themselves in—or go solo, like modern apple-peddlers). The rich think they don’t need grease monkeys and machinists any more; they can either outsource, import alien wage-slaves, or depress real wages enough to keep on jacking up their margins. But hey, as my Jewish uncle was fond of saying, “You don’t take PERCENTAGES to the bank; you take MONEY to the bank.”

If he was right, any investment that promises or averages more than, say six or seven percent, is fraudulent as well as usury. And unsustainable? What would Joe Stiglitz say?

Alan Greenspin? (Gosh, ain’t reality a whole lot funnier than the comics? I figger that Jon Stewart must have figured this out . . .)


Don Bauder June 19, 2011 @ 9:37 a.m.

You are correct to focus on debt. Those of us who have been pessimistic (in my case, for decades) point to the horrible debt ratios: consumer debt to consumer income, federal government debt to income, state and local debt to tax receipts, bank debt to capital, etc. The collapse of '07 to '09 was caused not only by excessive Wall Street gambling, but also by excessive debt. Now we are trying to cure our debt burden with even more debt. Best, Don Bauder


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