2021 Predictions
Unemployment
Biden has already taken steps to slow down an already hurting economy by waging war on oil. He's canceled the Keystone Pipeline and has put a ban on new permits to drill on federal land. He's put us back into the Paris Agreement. He is a already a job killer, not creator.
My prediction - Unemployment 5% by the end of the year
Real Earnings
Although I think unemployment will decline, real earnings may decline. Under Trump, real earnings rose by 7.3% from January 2017 to January 2021. This economic calculation is based on what people earn and the consumer price index (considered the benchmark inflation guide). Concerning to me is inflation.
My prediction - Real earnings will decline as inflation starts to creep up.
Gas Prices
Biden's plan for America? Become dependent on foreign oil again. His first week in office, he has already assured that this will come true. Predictions are one million less barrels per day produced in the US under Biden than under Trump.
My prediction: $2.60(+) average for the year.
Biden's Approval
Despite glowing media coverage that will inevitably happen no matter what the state of our economy, I do believe that Biden's approval rating will take a hit (maybe not this year but within the next 3 years). People will feel the impact of his policies, as they did with Obama's.
My prediction - Approval rating decline to 45%
Gallon of Whole Milk
Gas prices impact everything we do and buy, including our groceries. As the cost of transporting those groceries goes up, so does the price of the products. I chose whole milk since it is directly impacted by the cost of transportation. I am predicting it will be 10 cents higher than last year.