EconoMeter: What letter grade did experts give economy?
Did the U.S. and San Diego deserve passing grades for the 1st quarter?
Roger Showley, SAN DIEGO UNION-TRIBUNE
Friday, April 13, 2012
Kelly Cunningham, National University System
San Diego: C
The nation’s paltry economic conditions remain as employment growth and housing markets continue to flounder, and inflation, led by sharply rising gas prices, escalates. The federal government continues to accelerate on a disastrous trajectory toward financial insolvency, while the president offers no solution to contain wasteful runaway spending. The president’s own party offers no credible plan for years of compounding unsustainable deficit spending, yet only casts dispersions upon House Republican proposals for a workable “Path to Prosperity” plan that attempts to cut waste, eliminate non-working programs, end crony politics, and prioritize spending.
Meanwhile, San Diego limps along as bankruptcy looms across the state of California. The only reason we merit slightly better is the local economy sees increased international trade, some thawing of visitor activity, and thriving UAV (unmanned aerial vehicle) manufacturing. Recent revisions in San Diego’s employment growth reveal much weaker gains than previously presumed. Construction, manufacturing, and public education continue to shed jobs. A microcosm of the nation, San Diego represents 1 percent of the U.S. population, labor force, and job market. Slightly outperforming the rest of California, the 1,300 jobs added in San Diego over the most recent month lags the nation’s lackluster gain, while unemployment remains a full percentage point higher.