2014 Economy Predictions - KULR-8 Television, Billings, MT

2014 Economy Predictions

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BILLINGS -

The new year is right around the corner and many are speculating on what the 2014 economy may look like for Americans.

2013 definitely saw its bumps in the road with everything from fluctuating job numbers, to economy uncertainty, to the ongoing debacle over the Affordable Care Act.

"Every year, the Wall Street Journal polls the top analysts out on the street, and they say, where do we think interest rates are going to be in a year from now, where do we think the market is going to be. And actually, not so surprisingly, over eighty percent every year are dead wrong," said Todd Buchanan of Buchanan Capital Inc.

Though a financial forecast is speculation at best, Buchanan says intelligent calculations can still be made. The potential economical issues that could affect us are not surprising.

"The fed did say it's time to take their foot off the pedal a little bit with the economy. They've been stimulating the economy by keeping interest rates so low. This year alone, we've seen what we would call a spike in interest rates; a huge jump."

If numbers continue climbing, Buchanan says those interest rates will continue to rise. But also, the still unsettled Affordable Care Act could hurt how much people will buy in the new year.

"We don't know exactly how much that's going to dent our ability or at least, our pocket book. Is it more or less than we spent on premiums last year? If it's more, we should anticipate that the consumer's ability to keep that buying level that we saw in 2013, it might go down a little bit."

So what does this mean for you, how can you effectively plan for these potential changes?

"It depends on the type of purchase you're making. Historically, rates still look pretty darn attractive. If the trend we've seen occur in 2013 continues, that level of attractiveness will probably go down."

Buchanan says overall, 2013 was a strong year for the U.S. Economy; but that could change. Things should become clearer as kinks are worked out in the Affordable Care Act and the online marketplace exchange.

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