June 7, 2012
MIDLAND, MI – Last weekend President Obama and presidential hopeful Mitt Romney traded barbs in the aftermath of the U.S. Department of Labor’s report that net private sector job growth for May is at a disappointing 69,000, while the unemployment rate climbed to 8.2 percent. Economist Dr. Timothy G. Nash of Northwood University reports that the first quarter 2012 gross domestic product (GDP) was revised downward from 2.2 percent growth to 1.9 percent growth. Nash, who issues national and global economic updates with his Monthly Economic Outlook newsletter published through Northwood University, states it’s disappointing at best.
In one of his recent updates, Nash states that a number of contributing factors outside of the structural problems within the U.S. economy come into play in the growing decline. These factors have concerned many analysts leading many to believe that the global economy will have a prominent spot on this summer’s presidential campaign trail.
“The Europeans have no choice but to cut government spending and reduce long-term deficits or they will face a major economic collapse and a decade more of malaise and credit problems…so could the United States if our path varies from fiscal responsibility and sound public policy,” comments Nash.
Nash believes the U.S. economy will continue to slow down in 2012 and face probable recession in 2013 if government spending cuts are not adopted and if proposed tax increases and new regulatory burdens also are implemented. All are issues the president and his rival will have to face on the campaign trail.
Nash has been with Northwood University since 1980 and in that time has become a well-known economic analyst and forecaster. He is currently vice president of strategic and corporate alliances and the David E. Fry endowed chair in free market economics at Northwood University. He also researches and writes the Northwood University Monthly Economic Outlook, the Automotive Aftermarket Industry Association (AAIA) monthly industry indicator report and its monthly business confidence index, which is a joint effort by Northwood and the AAIA.
Dr. Nash is available to further discuss the global economy’s impact on the latest economic downturn of the United States or other economic and political issues. For more information, contact Nash at email@example.com.
ABOUT NORTHWOOD UNIVERSITY
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 three full-service, residential campuses located in southern Florida, mid-Michigan and northern Texas. Adult Degree Programs are available in eight states with many course delivery options including an online option. The DeVos Graduate School offers day and evening programming in Michigan, Texas, Florida and Switzerland. The Alden B. Dow Center for Creativity and Enterprise in Midland, Michigan, specializes in creative thinking and innovation development. International education is offered through study abroad and in Program Centers in Switzerland, China, Malaysia and Sri Lanka.