The joys of economy

The parade and the Rose Bowl football game are like pearls adorning the neck of an overstretched economy. At a time when overuse has made words like economic stimulus, bailout and financial rescue plan cliches, every dollar seems to count, especially if it seems to be free money.

The city says the parade is worth $58.6 million just for Pasadena alone. A study by the UCLA Anderson School of Management estimated that Southern California in 2005 benefited by $189 million directly and an additional $181 million indirectly.

It sounds impressive -- until you begin to compare it with the types of numbers that have sent shudders through the economic system. The amount of money flooding into Southern California is less than 1% of the $50 billion lost in the Ponzi scheme that rocked Wall Street investors. It is about that same percentage of the $41.8 billion state budget gap that could come by July 2010.

But don't be sad. If experts are right, Pasadena's share would be slightly more than $1 for every bubble in a bottle of very good champagne. And what better way is there to celebrate a new year?

The recession doesn't seem to have hit the vendors.

"It's a luxury item," said Brian Terry, 24, a software engineer from Glendale. He said he and his family usually sell programs, this year $7 each. He hopes to make about $200 from this year's stint.

"Luxury items are immune from recession," he said.

-- Michael Muskal