Articles and Resources
For more McNair Center articles, please see also the “News” and “Economic Outlook” links above.
Prediction: U.S., world economies will experience slow growth in 2016
By Timothy Nash, Keith A. Pretty | Midland Daily News
In 2015, the U.S. and global economy grew at a slowing pace with signs for concern, optimism and apprehension throughout the year. America ended 2015 in a similar fashion to 2014, basically where it started, with confidence from automobile sales, disillusionment with GDP growth and indecision in Washington. The Dow Jones Industrial Average closed 2011 at 12,218 and real U.S. gross domestic product ended the year at an annualized growth rate of 1.8 percent.
Tim Nash: 'Trying and difficult times' for global finances?
By Timothy Nash | Midland Daily News
In the immortal words of Thomas Paine, “These are the times that try men’s (people’s) souls.”The first three weeks of 2016 have seen the Dow Jones Industrial Average drop more than 9 percent with experts and pundits wondering if in fact we are poised to experience a second “Great Recession,” a repeat of the collapse of 2008-09.
U.S., global economies are in tenuous positions
By Timothy Nash | Midland Daily News
The U.S. and global economies are in tenuous positions as the fall elections appear on the horizon here and in a number of countries around the world. U.S. GDP is expected to decline from roughly 2.4 percent in 2015 to 2 percent or lower in 2016 while overall global GDP is forecasted to increase from 3.1 percent growth in 2015 to 3.41 in 2016 according to the World Bank. We are concerned whether global GDP growth is achievable with U.S. and Chinese GDP predictions for 2016.
Power to the People, impact investment portfolio's for all
By Timothy Nash, Anirudh Agrawal, Milo Toit | slideshare.net
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Column: Michigan’s comeback accelerating
By Timothy Nash, Keith A. Pretty, Rich Studley, Bob Thomas | Detroit News
The 2017 Michigan Economic Competitiveness Study was recently released by the Michigan Chamber of Commerce Foundation and Northwood University. The sixth annual study confirms that Michigan is making great progress at the state level since the Great Recession ended in 2009.
Easing regulations might boost auto industry
By Timothy Nash, Keith A. Pretty | Detroit News
For a brief period after World War II, the United States produced roughly 74 percent of global GDP and more than 50 percent of the world’s passenger and commercial motor vehicles. The U.S. was the undisputed global leader in most areas of commerce with a generally market-based, pro-business environment and competitors in Europe and Asia whose factories and infrastructure were greatly damaged or destroyed by the fact that the bulk of major battles during WWII were fought in Europe and Asia.
Remembering the ‘Real McCoy’
By Timothy Nash, Keith A. Pretty | Detroit News
As we end Black History Month, it’s worth remembering the amazing story of the “Real McCoy.”Elijah J. McCoy was born a free person in Colchester, Ontario, Canada on May 2, 1844. McCoy had a great love for trains, and railroads of different sorts were important to his life from before he was born until his death.
Column: The truth about tax cuts
By Timothy Nash | Detroit News
There is a common narrative among our nation’s political leaders, media personalities, Hollywood stars, and numerous political pundits regarding our tax system. Undoubtedly, you have heard the argument “rich people” pay little, or at least not their fair share, of the United States’ personal income tax burden. Furthermore, low income to poor Americans pay a disproportionately high amount of total personal income taxes in the United States annually.
Opinion: DeVos was a leader and philanthropist
By Keith A. Pretty, Timothy Nash | Detroit News
On September 6, 2018 we lost one of the world’s truly great entrepreneurs, businessOn Sept. 6, we lost one of the world’s truly great entrepreneurs, business leaders and philanthropists. Richard M. “Rich” DeVos was born on March 4, 1926, in Grand Rapids. His values and determination were shaped at an early stage in life. DeVos was a product of the lessons taught by a loving family and the experience of living through the Great Depression.
Opinion: Snyder governorship improved Michigan
By Keith A. Pretty, Timothy Nash, Rich Studley, Bob Thomas | Detroit News
The 48th governor of Michigan, Richard “Rick” Dale Snyder, is term-limited out and will complete his final year in office in January 2019. His time in office will to some degree be set in the rearview now, with the election of his successor just this week. The Michigan Chamber of Commerce Foundation and The Robert and Janice McNair Center for the Advancement of Free Enterprise and Entrepreneurship at Northwood University recently released the 2018 Michigan Economic Competitiveness Study.
The pros and cons of vanguards new esg index ETFS
By Timothy Nash | MoneySense
Imagine my great joy when I saw the announcement that Vanguard had launched two new ESG index ETFs. For those who don’t know, ESG—Environmental, Social and Governance—refers to the three central factors in measuring the sustainability and ethical impact of an investment in a company or business. Vanguard is an absolute leader in the ETF world, but they sadly didn’t have any sustainability ETFs—until now.
Northwood University shares new economic outlook
By Timothy Nash | Midland Daily News
As Thomas Paine said almost 250 years ago at the dawn of the American Revolution, "These are the times that try Men's souls…," or in modern terms, he could have been referring to a Black Swan Event! However, a few weeks ago as February came to a close and March began, there was much to be optimistic about in the U.S. economy.
Opinion: Let each state chart its own course on reopening
By Kent MacDonald, Timothy Nash | Detroit News
While our country navigates one of the world’s greatest crises, we are bound equally by fear, frustration and a troubling sense of fate. During the American trauma and political turmoil of 1776, American patriot Thomas Paine wrote: “These are the times that try human’s souls.”
Opinion: We're seeing the best in people during the worst times
By Kent MacDonald, Timothy Nash | Detroit News
Recent events rekindle the opening line of Charles Dickens’ fictional classic, “A Tale of Two Cities”: “It was the best of times. It was the worst of times.” Unlike Dickens’ work however, our story is true. Our “best of times” — we work at Northwood University’s main campus in Midland and live in the vibrant Great Lakes Bay region.
Opinion: Celebrate economic recovery signs despite COVID-19 downturn
By Timothy Nash | Detroit News
At the end of March, the future of our economy with COVID-19 looked dire: The had declined over 38.4% from its all-time high in mid-February; the NASDAQ (-32.5%) and the Wilshire 5000 (-37%) also fell sharply from record highs. On April 5, noted economist Paul Krugman predicted 20% unemployment by mid-April with record numbers of Americans out of work.
Opinion: What will America look like after COVID-19? We need to answer these questions
By Kent MacDonald, Timothy Nash | Detroit News
In just eight months, the coronavirus swept across the globe, infecting more than 25 million and wreaking havoc on our economies and way of life. To advance, Americans must look to optimize our existence in a post-COVID-19 world. We believe our country’s response to the following challenges and questions they pose will determine whether America rises or falls in the decades ahead.
Next time you see a truck driver, give them a honk
By John Lyboldt, Kent MacDonald, Timothy Nash, Gary Short | Midland Daily News
The competitive spirit and camaraderie of Americans has fueled an epic COVID-19 response filled with compassion, determination, ingenuity and innovation. Heroic accomplishments in healthcare, such as new therapeutics, a re-supply of ventilators in record time and a rapid path to a vaccine.
Northwood issues economic outlook
By Timothy Nash | Midland Daily News
During the month of November, America had hoped to settle on who would occupy 1600 Pennsylvania Ave. for the next four years. The answer to the question remains unanswered, at least in the mind of the current occupant of the White House. In all likelihood, Joe Biden will be the 46th President of the United States come January, as the...
Opinion: Remembering Walter E. Williams, a champion of freedom
By Timothy Nash | Detroit News
On Dec. 1, the world lost an icon with the passing of Walter E. Williams. Williams advised numerous American presidents and world leaders. His teaching and research career spanned more than 50 years at places ranging from Stanford University’s Hoover Institution to George Mason University, where he was the John M. Olin Distinguished Professor of Economics.
Opinion: Here's how Congress should deal with unprecedented national debt
By Lisa McClain, Timothy Nash | Detroit News
The Economic Policy Institute’s Working Economics blog on July 16, 2020, posted an article by Josh Bivens entitled “Recovering fully from the coronavirus shock will require large increases in federal debt — and there’s nothing wrong with that.” This line of thought troubled us then, and troubles us even more now given the events of last week.
Northwood economic outlook concerned about national debt
By Timothy Nash | Midland Daily News
Many policy thinkers have expressed the view that to fully recover from the coronavirus shock will require large increases in federal debt – and there’s nothing wrong with that.
Northwood's McNair Center issues 2021 economic forecast
By Timothy Nash, Kristin Tokarev | Midland Daily News
Annually, Northwood University’s McNair Center for the Advancement of Free Enterprise and Entrepreneurship produces its annual forecast for the US economy.
Booker T. Washington and the Many He Influenced
By Timothy Nash | Townhall
The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com. Editor's Note: This column was co-authored by Kent M. MacDonald. As longtime admirers of legendary civil rights pioneer and educational entrepreneur Booker T. Washington, we felt compelled to pay tribute to this profoundly influential American during Black History Month.
Say It Ain't So, Frank!
By Timothy Nash | Townhall
Michigan’s Legendary WJR radio broadcaster Frank Beckmann announced his retirement, effective March 26th, to the dismay of millions.
Through and through wire technique for stabilization of EVAR main body during contralateral limb deployment
By Timothy Nash, Elahwal Mohamed, Syed Waquar Yusuf | Annals of Vascular Surgery
Abstract Contralateral gate cannulation is one of the key steps of endovascular aortic aneurysm repair (EVAR), and multiple different techniques and tips have been described to ensure accurate and swift performance of this step. In some cases, a crossover approach, entailing an up-and-over wire access from the ipsilateral limb into the contralateral gate followed by snaring the wire to the contralateral groin and proceeding with contralateral limb deployment is needed.
A Baker's Dozen: 13 Reasons Why Free College Tuition is Bad for America
By Timothy Nash | Townhall
A “Baker's Dozen" is synonymous with more, or extra in a transaction. This piece provides (extra) arguments - a baker’s dozen - why government subsidized, free college tuition is bad for all involved.
8 factors pushing up the price of used cars in U.S.
By Lisa McClain, Timothy Nash | Automotive News
As of April, the U.S. 12-month annual inflation rate was 4.2 percent. In the same period ending in April 2020, inflation increased 2.6 percent, according to the U.S. Labor Department. A closer look at the data shows used-car prices increased 21 percent from April 2020 through April 2021, with 10 percent occurring in April 2021 alone. New-car prices increased 2 percent in the same time frame. While dealers' new- and used-vehicle inventories are greatly depleted, consumer demand is growing.
In Defense of Profits
By Timothy Nash | Townhall
Practically every item we engage with daily (car, cell phone, food, clothes, etc.) was produced by people seeking profit. Our jobs and paychecks are also based on the profit motive. Even government and non-profit organizations are made possible by the profit from private companies and the wages of their workers. What is Profit? In the free world, most of our wants and needs are made possible by profit.
How Bob Chitester Made 'Free To Choose' An International Phenomenon
By Kent Macdonald, Timothy Nash | The Federalist
As corporate media spin resembles propaganda more every day, America recently lost a man who truly understood the responsibilities of good journalism and the gravity of free speech. Bob Chitester, who lost his seven-year battle with cancer in May, spent much of his life advocating for personal, political, and economic freedom. Chitester created the PBS series “Free To Choose”with Nobel laureate Milton Friedman, inspiring Friedman’s book by the same name.
The Changing Role of Government and Entrepreneurship in America
By Timothy Nash | Townhall
On April 23, 1910, at the Sorbonne in Paris, America’s 26th President, Theodore Roosevelt delivered his celebrated speech, entitled “Citizenship in a Republic”. A prominent passage of Roosevelt’s address is known as “The Man in the Arena”. That famous section speaks to those who take risks.
Northwood leaders, others discuss changing environment for entrepreneurs
By Timothy Nash, Kent Macdonald, Daniel Devos, Lisa McClain | Midland Daily News
On April 23, 1910, at the Sorbonne in Paris, former U.S. President Teddy Roosevelt delivered an inspiring speech entitled “Citizenship in a Republic.” Part of that speech is known today as “The Man in the Arena.” “The Man in the Arena” speaks to those who risk their time, money, effort, reputation and often much more to compete – so they can improve lives. And, as with any innovation, the risk of failure is often great.
Northwood's McNair Center concerned about stagflation
By Timothy Nash | Midland Daily News
The Biden Administration has much to be optimistic about as it recently reflected on stock market growth as President Trump often did. A little more than halfway through the month of October 2021, all three major U.S. stock markets were up double digits for the first nine and a half months of the year. The NASDAQ closed 2020 at 12,807; it recently closed at just under 15,585, up more than 21.5% year to date.
The Teachings of Milton Friedman and Thanksgiving 2021
By Timothy Nash | Townhall
Inflation versus Rising Prices. Inflation is an increase in the overall general price level of an economy.
Yes, Joe Biden's Policies Are Inflating The Cost Of Your Thanksgiving Meal
By Kent Macdonald, Timothy Nash | The Federalist
Inflation is having a tangible impact on the holiday dinner table. Research shows that this year, Americans will pay 15 percent more for their Thanksgiving meal. A traditional dinner for 10, including turkey, bread stuffing, sweet potatoes, rolls with butter, peas, cranberries, a relish tray of carrots and celery, pumpkin pie with whipped cream, coffee, and milk or water to drink will cost $53.94 this year, according to our calculations.
Northwood Economic Outlook
By Timothy Nash | Midland Daily News
New jobs created in the United States in November were 300,000 below the expected number of 510,000. The November number came in at 210,000, leaving many economists scratching their heads. On the bright side, the labor force participation rate increased to 61.8% in November with the unemployment rate falling from 4.6% to 4.2%.
Northwood Economic Outlook
By Timothy Nash | Midland Daily News
The U.S. economy will close 2021 with mixed economic signals and accomplishments. The four major stock markets that we annually track have all performed well in 2021.
The U.S. Economy Remains #1 in 2021, But What About Our Future?
By Timothy Nash | Townhall
The International Monetary Fund (IMF) deemed the United States’ economy as the world’s largest in 2021, producing an estimated $22.94 trillion or 24.4% of global Gross Domestic Product (GDP). The number is especially impressive when considering the population of the United States is just over 333 million and it has a per capita GDP of roughly $68,700.
Economist: Inflation will be problematic for most or all of 2022
By Timothy Nash | Midland Daily News
American economist Milton Friedman famously said inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a monetary increase in the quantity of money relative to output. On Wednesday, the U.S. Bureau of Labor Statistics released the inflation data for December and 2021 in their comprehensive year-end U.S. report on inflation.
Guest column: U.S. economy still No. 1, but what about the future?
By Timothy Nash, Lisa McClain | Midland Daily News
The International Monetary Fund (IMF) deemed the United States’ economy as the world’s largest in 2021, producing an estimated $22.94 trillion or 24.4% of global Gross Domestic Product (GDP). This is especially impressive considering that the population of the United States is just over 333 million and it has a per-capita GDP of roughly $68,700.
Opinion: Why we're predicting inflation will loom over 2022 and beyond
By Timothy Nash, John Hantz | Detroit News
Milton Friedman famously said inflation is always and everywhere a monetary phenomenon in the sense that it is — and can be produced only by — a monetary increase in the quantity of money relative to output. The U.S. Bureau of Labor Statistics on Jan. 12 released the inflation data for December and all of 2021 in its comprehensive year-end U.S. report on inflation.
Economist: Even the rich will be adversely impacted by inflation
By John Hantz, Timothy Nash | Huron County View
American economist Milton Friedman famously said inflation is always and everywhere a monetary phenomenon in the sense that it is – and can be produced only by – a monetary increase in the quantity of money relative to output. The U.S. Bureau of Labor Statistics on Jan. 12 released the inflation data for December and all of 2021 in its comprehensive yearend U.S. report on inflation.