If fourth-quarter estimates pan out, annual U.S. GDP will have grown 2.23 percent for 2014...
MIDLAND, MICHIGAN (PRWEB) December 19, 2014
The words from a speech President John F. Kennedy planned to deliver on Nov. 22, 1963, in Dallas, offer a timely message more than 50 years later and cap off the last Monthly Economic Outlook of 2014 released by Northwood University in Midland, Michigan.
In this speech, Kennedy would have discussed a proposal of personal and corporate tax cuts of $11 billion, to “assure this Nation of the longest and strongest expansion in our peacetime economic history.” The president had planned to cite the successes of the nation’s total output of more than $600 billion, a record rise of more than $100 billion in three years; 70 million men and women at work; and corporate profits after taxes enjoying a 43 percent increase in less than three years, as markers of this growth, which only would be improved by his tax cut plan.
An assassin’s bullet prevented President Kennedy from delivering this landmark speech, but the shared words he planned to speak on that fateful and tragic day resonate with those who believe in a free-enterprise economy.
“We must understand that America is still the world’s beacon of liberty and is still powered by the world’s most moral, ethical and productive business community,” notes Monthly Economic Outlook author, economist Timothy G. Nash, who serves as vice president of Corporate and Strategic Alliances at Northwood University. “The speech is a roadmap to a destiny yet fulfilled and a warning that simply because we are a blessed country, we should not take for granted our blessings and how and why we have received them.”
Nash takes a hard look at the current state of the economy in the university’s latest report, noting that it once again tried to gain momentum as it entered the final month of 2014. Second-quarter revised U.S. GDP grew 4.6 percent, while third-quarter U.S. GDP came in at a revised 3.9 percent after declining 2.1 percent in the first quarter of the year.
“If fourth-quarter estimates pan out, annual U.S. GDP will have grown 2.23 percent for 2014, roughly 1 percent below the U.S. average annual post-WWII GDP growth of 3.2 percent,” Nash notes. “We still believe that pro-business U.S. tax reform is needed today, as it was in the days of President Kennedy, because our corporate tax rates are once again uncompetitive to the rest of the world. And, our economic growth, and the opportunity it can provide to all, is lagging behind our historical norms.”
The entire Northwood University Monthly Economic Outlook, which also examines the global economy, is available in its entirety at the university’s virtual Free Market Library: http://www.northwood.edu/documents/about/Outlook/NUEconomicOutlook_122014.pdf
For more information on Northwood University, visit http://www.northwood.edu, or call 800.622.9000.
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Northwood University is committed to the most personal attention to prepare students for success in their careers and in their communities; it promotes critical thinking skills, personal effectiveness, and the importance of ethics, individual freedom and responsibility.
Private, nonprofit, and accredited, Northwood University specializes in managerial and entrepreneurial education at two full-service, residential campuses located in southern Florida and mid-Michigan. Adult Degree Programs are available in seven states with many course delivery options including online. The DeVos Graduate School offers accelerated, evening and weekend programming in Michigan, Texas and Florida. The Alden B. Dow Center for Creativity and Enterprise provides system-wide expertise in family enterprise, entrepreneurship, creativity and innovation, and new business development. International education is offered through study abroad and in Program Centers in Switzerland, China (Changchun and Wuxi), Malaysia and Sri Lanka.