The State of the New Economy

Monday, September 28th, 2009

Can’t see the above video? Click this link to watch.

In this video interview, David M. Smith, PhD, Associate Dean of Academic Affairs and Associate Professor of Economics at the Graziadio School of Business and Management discusses the impact of the American Reinvestment and Recovery Act so far, the fate of female and older workers in this down economy, and which sectors of the California economy are likely to bounce back.

Questions for Dr. Smith:

  1. Has the American Recovery and Reinvestment Act been successful in stemming additional job losses?
  2. Will California regain its place as a leading global economy?
  3. What does the future hold for industries such as manufacturing, construction, and retail that have been hard hit by this recession?
  4. In some industries, such as government and aerospace, we are seeing older workers retiring in greater numbers. Is this good for the unemployment situation? Is “brain drain” a concern?
  5. What are the best job prospects for older workers?
  6. As the number of male and female workers reach equity, what are the implications for the U.S. workforce?

Related in the GBR

The Cost of Lost Data by David M. Smith, PhD

Taking Advantage of California’s Retirees to Help Close the Budget Gap by Owen P. Hall. Jr., PE, PhD

California Greening: Boom or Bust? by Owen P. Hall, Jr., PE, PhD

Topic: America's Financial Crisis, California, Economics, Real Estate, Videos
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September 29, 2009 at 6:05 AM

If taxes are not lowered, then California is doomed. My company located its large IT dept. to Atlanta, not San Jose. Young people burdened by high taxes and student loans are packing their wagons and moving their families to Red States.


October 8, 2009 at 3:49 AM

I think, I agree with michael.. if taxes are not lowerd, california si doomed


October 15, 2009 at 7:35 PM

Some states actually just raised taxes Michael and the immediate result was job losses as jobs shifted over the border. The biggest threat to the economy right now is the lack of small business credit.


November 6, 2009 at 11:24 PM

Great video, have always been a big fan of David M. Smith, PhD. Thanks for posting.


Corona Homes

April 17, 2010 at 10:19 PM

2.Will California regain its place as a leading global economy?

Taxes must be reduced before Cal can return to greatness.

NYC Real Estate for Sale

July 1, 2010 at 8:33 PM

I was looking through the Real Estate archives. I would love to see a follow-up on this especially where we are as it relates to the credit markets in regards to real estate.

San Francisco Homes for Sale

August 11, 2010 at 2:27 PM

California still has the best innovative culture, but if tax remains high, companies will start moving out of California. There are already some start ups moving to Oregon and Seattle.

Arizona Golf Course Homes

September 20, 2010 at 3:00 PM

I agree with the post above, this video is from the Summer of 2009. It would be great to see Dr. Smiths’ point of view know, one year later. I need to keep surfing because I want to find similar info on the State of Arizona.

Mike Nolls

December 12, 2010 at 11:35 AM

I feel taxes are going to be an issue for California until an effective budget plan is in place, but our deficit doesn’t seem to be going anywhere soon.

This is some great information and still sheds some light on 2010. Anyway we can request more video footage from Pepperdine for 2011?? I’d love to see some more footage!

Ocean Springs Ms Real Estate

January 20, 2011 at 8:37 PM

Great video,have always been a big fan of David M. Smith, PhD. Thanks for posting.

Stock Investment Research

February 23, 2011 at 9:45 PM

Statistics from the Labor Department show the employment outlook is improving for most workers. The unemployment rate for those in the 25 to 54-year-old age group has fallen from a record high of 9.2% in October to 8.7% in May. But the nationwide unemployment rate for older workers — while lower than that of younger workers — has barely moved since hitting a record high of 7.2% in December. It’s currently 7.1%.

Carroll B. Merriman

March 30, 2011 at 4:09 PM

Thank you very much for this great post, and I like your website a lot. I will be back to read some more. Thanks again!!

Mike Smith

May 11, 2011 at 10:40 PM

Impressive interview and some very strong questions you are dealing with… The question i desperately wanted to ask from Mr. David M. Smith is the same when California will come up again as a market/economy leader and this is a very big question that with multiple most powerful (from the economic point of view)companies have their head offices in San Diego California (specially in the IT sector) a silent question they are paying taxes where the money is going?

Virtual Office Las Vegas

August 9, 2011 at 8:38 AM

I am great fan of Dr. Smiths. I like to hear everything from him.

Indianapolis Property

December 9, 2011 at 4:03 AM

Would love to see a follow up video on this.


February 14, 2012 at 1:53 PM

Being an older worker your comments are correct. I have been laid off twice since the recession started and was able to find a job after 13 months. Laid off again I am in the 10th month and no job prospects yet. Is it possible to teach old dogs some new tricks for to days economy.


February 19, 2012 at 10:03 AM

As others pointed out If taxes are not lowered, then California is in big trouble.


March 13, 2012 at 8:12 PM

The economy should be dictated by the free markets, without the intervention of exogenous monetary influence. The current real estate prices must come down further, as interest rates are expected to rise. Key ratio analysis between asset classes, shows the benevolent correction needed to seek equilibrium. For real estate educational information, please visit:

Mike Woods

April 3, 2012 at 9:45 AM

IMO, the stimulus was a double-edged sword. I may have helped “stem the tide”, but at the cost of long-term debt that will have to be repaid sooner or later.