2014 Predictions for Your Wallet

2013 was a year characterized by economic distractions, with things like the government shutdown,…

Georgia (Jan 23, 2014) — 2013 was a year characterized by economic distractions, with things like the government shutdown, concerns about a potential U.S. default, and overall political obstinacy taking center stage.  So, it’s fair to wonder:  Will 2014 be any different?

Publication

Link To Article

http://wallethub.com/blog/2014-predictions-for-your-wallet/1345/

While it’s impossible to know for sure, we can certainly offer some educated predictions for what the New Year has in store for consumers’ wallets.  From GDP growth and unemployment to the stock market and gas prices, you can get a sneak peak of the most important issues facing your money in 2014 by checking out our predictions below.

  1. GDP Will Rise to 3%, While Unemployment Drops Below 7%

WalletHub interviewed a number of leading economists in preparing its 2014 predictions, and the general consensus is that the economy will continue its slow growth in 2014, turning the year into the transitionary period that ’13 should have been and bringing the economy back on track heading into 2015.  You can check out our experts’ comments in full below….
 

Small Business & Entrepreneurship …

Charles W. Hofer – Kennesaw State University

“Normally, entrepreneurship picks up as the economy declines and slows as it improves. But these are not normal times, and have not been since President Obama has entered office.
I teach entrepreneurship, and one measure that I have used to gage the “state of the economy” is the number of students, mostly MBA students, who sign up to take entrepreneurship classes so that they can start their own businesses – usually later in their careers, although sometimes shortly after graduation. Over the past 5 to 6 years, this number had decreased significantly. Why?
The simple answer is because of fear! One aspect of the traditional American dream is the profound belief that ‘tomorrow will be better than today.’ Under President Obama, this is no longer true. People are so afraid, that many are no longer willing to try to strike out on their own. In fact, they are so fearful and desirous of keeping their current jobs that they are not willing to do anything that might cause them to lose their current jobs. In fact, for the first time in the 40+ years that I have been teaching entrepreneurship, I have had several students tell me that they are unwilling to sign up for an entrepreneurship class because doing so might cause their current employers to question their commitment, which could lead to their being fired.
So, while pickups in economic growth usually do lead to slight decreases in entrepreneurial activity as individuals accept the new jobs that are coming available, never have I seen the level of fear associated with employment (or more specifically, the lack thereof) that I have been seeing over the past few years.“



A leader in innovative teaching and learning, Kennesaw State University offers more than 150 undergraduate, graduate and doctoral degrees to its approximately 38,000 students. With 13 colleges on two metro Atlanta campuses, Kennesaw State is a member of the University System of Georgia and the third-largest university in the state. The university’s vibrant campus culture, diverse population, strong global ties and entrepreneurial spirit draw students from throughout the region and from 92 countries across the globe. Kennesaw State is a Carnegie-designated doctoral research institution (R2), placing it among an elite group of only 6 percent of U.S. colleges and universities with an R1 or R2 status, and one of the 50 largest public institutions in the country. For more information, visit kennesaw.edu.

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