What's in store in 2024? University of Akron professors make predictions for the new year

It looks like flying cars are not in the immediate future in Ohio.

And the same goes for taco-flavored Hersey Kisses.

A rather distinguished group of academic types at the University of Akron took an educated look into their crystal balls and have come up with some predictions of what 2024 might bring for Ohio and the rest of the country.

It seems a couch that can roll itself to the refrigerator and a Browns Super Bowl win were not among their collective predictions.

But they did have some thoughts on much more important matters like health care, national politics and world affairs as we are about to ring in 2024.

Electric vehicles in Ohio

Christopher DellaCorte, professor of mechanical engineering and director, says he thinks electric vehicles will become more commonplace in Ohio in the coming year.

"People are naturally skeptical when it comes to the adoption of new and expensive technology, until they aren’t," he said. "The photographic leader Kodak invented electronic 'film' cameras in the 1980s. They were big, slow and expensive. Film gave better results at lower cost. But film was a mature technology with no more room for advancement.

"By 2003, digital cameras were equal to or better than film and within five years, nearly everyone had made the switch. There was no turning back. Kodak and many other firms that relied upon film-based photography struggled, faded or disappeared entirely."

He believes the same will be true for electric vehicles.

"My prediction for 2024 is that the electrification of our lives has reached a switchover point from which there is no turning back," he said.

From the home − with electric heat pumps and solar panels on the rooftop to the garage with its battery-powered vehicle − this year will be one of change in the way will live as the price of the technology drops.

"The transition to electric homes, buildings and cars is a primary driver for the new battery and chip-making plants under construction in our state," he said.

Prescription drug costs could go down

It seems everything is getting more and more expensive.

But Daniel Friesner, a dean and professor in the College of Health and Human Sciences, says health care might offer some hope for consumers thanks to some provisions in the Inflation Reduction Act that allows Medicare to negotiate the cost of some prescription drugs.

"One of the primary objectives of this legislation was to use medication price controls to reduce both the social costs of health care and health care expenses for individual families facing major and sometimes chronic medical conditions," he said.

Friesner believes some drug companies will lower some prices ahead of the negotiations, lowering overall health care costs.

Artificial Intelligence will become even more commonplace

Joseph Fox, director, Fitzgerald Institute for Entrepreneurial Studies and assistant professor of entrepreneurship, said artificial intelligence or AI will begin to become more commonplace.

"The past few years in generative artificial intelligence (AI) for mainstream audiences has focused on text and image generation," he said. "Consumers, professionals and institutions have been experimenting with what capabilities exist when using AI, considering both how it can help or detract from completing tasks.

"Many of these tasks have centered around the domain of text generation or evaluation."

The capabilities of the technology will continue to grow and, who knows, may even make next year's predictions and write the article about it.

The battle over reproductive rights in Ohio isn't over

The debate over reproductive rights in Ohio did not end at the ballot box in November.

Tracy Thomas, the Seiberling chair of constitutional law at the university's law school, said while voters passed a state constitutional amendment allowing abortions in Ohio, ` the final fate is still in the courts to determine which laws in the state will be overturned.

"Some legislators continue to challenge the implementation of this new law," she said. "Some had threatened to limit the courts’ jurisdiction to enforce the amendment, thus cutting off the main avenue for making the state follow the terms of the law.

"Most have backed off, for now. But political opponents have suggested another redo amendment in a few years, after the presidential election of 2024 when supporters of reproductive choice might determine the election."

And this doesn't account for likely continued debate and challenges in the U.S. Supreme Court.

Financial literacy will be a crucial aspect of individual well-being

Taufiq Hasan Quadria, an assistant professor of instruction in the College of Business, said financial literacy remains an important topic for everyone.

"Financial literacy, the cornerstone of informed decision-making regarding financial matters, remains a crucial aspect of individual well-being," he said. "Understanding income, budgeting, saving, investing, interest rates and credit scores empowers individuals to shape a more secure financial future."

Each year, he said, it becomes more and more critical that everyone have a better handle on their financial health both now and for the future.

"The year 2024 will likely see ongoing efforts to bridge financial knowledge gaps and empower individuals with the skills necessary to navigate their financial futures successfully," Quadria said.

The political landscape looks bad for Democrats and Republicans

The political forecast for 2024 is, well, stormy.

Cherie Strachan, a professor of political science and director of the Ray C. Bliss Institute of Applied Politics, points out 2024 will set the stage for presidential and congressional elections in November.

"Despite the lack of a 'red wave' and unprecedent success in the mid-terms, Democrats still face significant challenges in their efforts to appeal to their base and mobilize new voters," she said. "Recent polling reveals low levels of enthusiasm for President Joe Biden’s reelection bid, with likely voters reporting skepticism over his age and his ability to improve their economic well-being. Low enthusiasm for the top of the ticket may suppress Democratic voter turnout, limiting a presidential coattail effect for down-ballot Democrats running for Congress, state legislature, and local offices in 2024."

And the picture, Strachan said, isn't much rosier for Republicans.

"Republicans face their own difficulties in the upcoming election cycle," she said. "First among these is the overwhelming popularity of former President Donald Trump among Republican primary voters. Trump seems likely to secure the Republican presidential nomination even if he is convicted on criminal indictments.

"Far less certain is his ability to translate this popularity with the Republican base into a successful general election campaign – especially given the lackluster performance or Trump-endorsed candidates in 2022."

Federal Reserve decisions ease the economic forecast

Nick Glenn, assistant professor of instruction in the College of Business, said inflation thankfully seems to have been tamed.

"With the federal reserve putting a pause on rate hikes, it may seem that the economy is in the clear and the Federal Reserve was able to achieve a soft landing," he said. "However, there is a case to be made that economy is not completely out of the woods yet."

There is a chance, he said, that there could still be a mild recession next year thanks in part to high interest rates and mounting consumer debt.

International affairs with wars in Ukraine, Middle East could be impacted by U.S. elections

The start of 2024 will bring with it many troubling world concerns from 2023.

The war in Ukraine continues.

"The war in Ukraine, right now, is a stalemate. Russia cannot, at this point, make a major breakthrough in Ukrainian lines and win the war," said Karl Kaltenthaler, a professor of political science at the Buchtel College of Arts and Sciences. "But neither can Ukraine decisively defeat the Russians and expel them completely from the country.

"This does not mean, however, that Ukraine cannot be overrun by Russia in the future and lose its freedom."

The election cycle in the U.S. could be a deciding factor in the war.

"The decisions that could tip the war in Russia’s favor or keep Ukraine as a sovereign country will most likely be made in Washington, D.C.," he said. "As soon as 2024, the United States’ support for Ukraine could be reduced or ended completely. If that happens, Ukraine will almost certainly lose the war."

Craig Webb, who is boldly predicting that his missing package of winter mittens from Amazon will arrive sometime in summer 2024, can be reached at cwebb@thebeaconjournal.com.

This article originally appeared on Akron Beacon Journal: University of Akron professors make predictions for the new year