San Diego Union-Tribune (Sunday)
WHAT ARE YOU MOST THANKFUL FOR, ECONOMICALLY, IN 2021?
ECONOMISTS
I am thankful for the nation’s progress toward normalcy, including the return of many to workplaces and classrooms. While still falling short of pre-pandemic employment levels, the U.S. job market has recovered a significant number of the jobs it lost in early 2020. Also, for the ingenuity at the organizations that produced vaccines and other treatments for COVID and for the dedicated health care and other front-line workers who risk exposure on a daily basis.
The strong labor market. The unemployment rate has fallen from 6.7 percent to 4.2 percent this year, and more than 6 million payroll jobs have been added so far. Wages have been increasing and workers have more opportunities to move to better jobs. This may last for a while as more than 2 million workers
have retired earlier than expected, roughly another million have died or are long-term disabled due to COVID, and millions of women have left the workforce due to child care issues.
That the economy is strong, mostly fully recovered from the shutdown. The fact that inflation is now the headline-grabbing problem suggests a failure of recognition of our economic strength. The state of the Covid-afflicted economy could have been much worse. I’m also incredibly thankful for the vaccine, although I remain disappointed with some people’s continued resistance to getting a shot, effectively placing our economic and personal futures in jeopardy.
Our employers. We owe much to the thousands of companies and others who provide goods, services and jobs for us. Entities ranging from grocery stores and restaurants to shipbuilders and homebuilders to schools and health care providers have proven their resilience. The coronavirus and its variants have imposed twists and turns. Supply chains and shipping logjams have caused bottlenecks. Vaccine and masking resistance among customers and employees have been hurdles. Finding workers has been yet another obstacle. Yet, they have pressed on.
EXECUTIVES
The people that came back to work months ago and now. The only way to get our economy back on track is for our offices to be open, our factories working and our hotels and restaurants open. These businesses being able to open allow more businesses to open and the economy bursts to life. I realize it is a lifestyle choice and a balance of work and home life, but we all depend on each other at some level to earn our livelihood. I especially appreciate the health care workers, hospitality workers, teachers and everyone else who returned to their jobs.
While we are challenged still with COVID-19 concerns and racial equity, I am thankful for the response on both fronts. There was strong outreach to communities requiring greater access to vaccines because of higher health risk. Elevated sensitivities of racial inequities brought unprecedented levels of resources to historically under-invested neighborhoods. This bolstered their welfare and economics. On a personal note, I am thankful for a blessed life and family.
2021 hasn’t been easy but I am thankful we have a resilient stock market and lower unemployment rates despite tremendous uncertainty, rising inflation, supply chain woes and a virus that just won’t quit. The S&P 500 is up approximately 25 percent for the year and U.S. unemployment is back down to 4.2 percent, compared to 6.7 percent a year ago. U.S. consumer spending has also been able to remain strong throughout the year. I remain amazed that our economy continues to adapt despite the odds.
I am most appreciative for support hospitals received through the federal Coronavirus Aid, Relief and Economic Security (CARES) Act beginning early this year, along with the temporary lifting of sequestration which has penalized hospitals for years through reductions in Medicare reimbursements that have continued to fall further below the actual cost of care. I am also thankful for the job market resurgence, which saw local unemployment fall to 4.6 percent in November after peaking at 15.9 percent in April 2020.