Brooklyn residents weigh in on the economy ahead of new presidential administration
News 12 spoke with Richard McGahey, a senior economist fellow at the New School about what he says will be a negative impact under Trump's economic plan.
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The economy was a hot button issue for the 2024 presidential election.
News 12 spoke with Richard McGahey, a senior economist fellow at the New School about what he says will be a negative impact under Trump's economic plan.
"If we raise tariffs, then the price of food will go up. They will have to adjust either by taking lower profit margins, which are already pretty low - and paying more. It'll advantage big producers and big companies relative to small businesses like food shops and bodegas. They'll be disadvantaged against supermarkets or Costco's and places like that," said McGahey.
Vincent Fontana, the owner of Original Pizza on Avenue L says he's excited for his business under Trump's economic plan.
"I'm feeling hopeful. For small businesses, I speak on behalf of all people running small businesses in New York. Overregulation is a huge problem and I am hoping this past election is a huge wake up call to everybody," said Farag.
Others like Naser Farag, of 49th Street Electronics & Appliance, tell News 12 he doesn't know what to expect, but he's hoping for the best.
“I wish for the new president to do something better, look out for businesses and the market. To do something better for the people," said Farag.
