Well my wife and I are finally ‘empty nesters’! Our last of four is off to college and now as we look forward to someday retiring I read that half of all pre-retirees (50-64) fear that they will retire without enough money for never retire at all. The September Money Anxiety Index rose to 92.4 out of 100. Regardless of party affiliations, nearly all Americans are worried about what the November presidential election will mean for their money. Uncertainty is the enemy of the economy, as long as it persists, we will witness lower spending and a slower recovery.
On the job front, San Diego added a net 900 jobs in July. Unfortunately what you don’t see is the whipsaw 5300 jobs lost and 6200 gained. We need to fix the hole in the bucket! In that direction, it was good news to see San Diego ranked sixth amongst major U.S. cities for venture capital dollars with 329 startups and 915 million invested in 89 companies in 2011. This is the accelerant that builds companies and jobs. The USD Economic Index for San Diego confirms the recovery with its eighth consecutive upward move.
A small but helpful step to our recovery is winding its way through our legislature. The bill would remove any dings to your credit report for medical collections within 45 days of payment. Some consumers (and tenants trying to rent space) have had low credit scores because of medical debts even after they have been paid.
As we enter this last quarter things are still troubling. Unemployment persists, Europe remains unsettled and we are just over 30 days from a Presidential vote that will be defining. I am of the belief that we are experiencing more than a recession; more like an economic reset, that is changing the rules by which we run our businesses. The winners will be those who figure out the new rules and act accordingly.
While the press and Presidential candidates were focused on a different 47%, I have been far more concerned by a recent study by the NYSE that reported that 47% of small business owners said that their capital needs were being met marginally or not at all. I know the Fed is following the path of continuous stimulus but it doesn’t matter how low the rate is if you can’t get the money. This is leading to a split level recovery, with large companies growing while smaller ones struggle.
To this degree, we are seeing some of the chains and bigger office tenants starting to move about. Mom & Pop retail and office tenants have also raised their heads up. Although overall activity is about equal to last year there is a little more of a “get it done” attitude amongst all players in the market. Given that we are in my favorite season of the year (football), I will liken our struggle to that of what a football team faces. Lately, it seems that a lot of deals are at the two-yard line but it has been exceedingly difficult to punch it across the goal line. Please know that your team at CDC Commercial has a full complement of tools to succeed in the “Red Zone”.
I hope whether you are retired, an empty nester or fighting to advance the ball, you find like I have that if you pursue happiness it will elude you. But if you focus on your family, your friends, the needs of others, your work and doing the very best you can, happiness will find you. I hope you enjoy this month’s story…
THE WOODEN BOWL
A frail old man went to live with his son, daughter-in-law, and four-year-old grandson. The old man’s hands trembled, his eyesight was blurred, and his step faltered. The family ate together at the table. But the elderly grandfather’s shaky hands and failing sight made eating difficult. Peas rolled off his spoon onto the floor. When he grasped the glass, milk spilled on the tablecloth.
The son and daughter-in-law became irritated with the mess.
We must do something about father,’ said the son. I’ve had enough of his spilled milk, noisy eating, and food on the floor.’
So the husband and wife set a small table in the corner. There, Grandfather ate alone while the rest of the family enjoyed dinner. Since Grandfather had broken a dish or two, his food was served in a wooden bowl.
When the family glanced in Grandfather’s direction, sometimes he had a tear in his eye as he sat alone. Still, the only words the couple had for him were sharp admonitions when he dropped a fork or spilled food.
The four-year-old watched it all in silence. One evening before supper, the father noticed his son playing with wood scraps on the floor. He asked the child sweetly, ‘What are you making?’ Just as sweetly, the boy responded, ‘Oh, I am making a little bowl for you and Mama to eat your food in when I grow up. ‘The four-year-old smiled and went back to work. The words so struck the parents so that they were speechless. Then tears started to stream down their cheeks. Though no word was spoken, both knew what must be done.
That evening the husband took Grandfather’s hand and gently led him back to the family table. For the remainder of his days, he ate every meal with the family. And for some reason, neither husband nor wife seemed to care any longer when a fork was dropped, milk spilled, or the tablecloth soiled.
