Trump's election puts LI, nation's financial future in spotlight
Despite a market surge Wednesday, some investors and economists are worried about what President-elect Donald Trump's presidency will mean for the country's financial future.
Trump has promised to lower taxes by $4.4 trillion over 10 years and vowed to cut regulations on companies. He also said he would create 25 million jobs.
Some critics claim Trump's plan would benefit only the wealthy and harm the middle class. The non-partisan Committee for a Responsible Federal Budget put his plan's price tag as high as $6 trillion over 10 years.
Linda Ebaugh, of Huntington, says she would like to be hopeful, but adds she is just not ready to get behind President-elect Trump.
"I'm kind of afraid," she told News 12. "He's really a volatile person. He doesn't think before he speaks. He's kind of scary to me."
Other residents News 12 spoke with say Trump's plan is exactly what the country and Long Island need.
"He's going to create jobs for people in the construction industry," says economic analyst Marin Cantor. "For Long Island, I think it will bring back the middle class that hasn't seen a raise since the beginning of the millennium."
Cantor did say he is weary about the plan to widen tax brackets. He says that could mean an increase in taxes for some people in the middle class and reductions for others.