Webster University instructor Arthur McKee was on hand at the September BusinessPrep workshop to provide an academic look into the realities of the economy. Focusing on the cyclical changes that economic systems face, McKee was positive about the future, but cautious.
By paying attention to global markets and the changes in American consumerism, McKee believes that the US will transition back to a manufacturing nation. As the markets stabilize, the possibility that foreign parts and products will increase in price grows. Couple that with increased transportation costs, and the necessity of US manufacturing and exports becomes apparent.
In the mean time, his advice to consumers is to pay down debt, own what you use and diversify investments internationally. For business owners, he suggests looking at suppliers and seeking a stable future with US manufacturers and export possibilities.
Many thanks to Webster University for being a gracious host, and to Mr. McKee for some new perspectives on the economy. BusinessPrep won’t be back until 2010… see you then!