MILLCREEK, Utah — The stock market continued its fall on Tuesday as the U.S. economy reacts to tariffs and other policies recently enforced by the Trump administration.
When speaking to Utahns in the community, they shared their concerns and worries about the big economic changes occurring on Wall Street and here in the Beehive State.
“There’s a lot of fear," said Millcreek resident Michael Knight. "There’s a lot of worry.”
“At the time, it’s really hard to measure anything other than to say that things are dynamic and changing,” added fellow Millcreek resident John Dowdling.
“It just looks really sad," shared Salt Lake City's Andy Paloukos, "like there’s no improvement coming.”
With so much uncertainty regarding the country's economic future and talks of a possible recession that President Donald Trump didn't refute, how are locals responding to what appears to be dark clouds on the horizon?
Economic fears grow nationwide as stock market tumbles:
“I’m retired and being on some sort of a fixed income, you’re concerned about how this whole thing is going to shake out," explained Knight. "Medicare, social security, are certainly issues with my generation right now of how that’s going to play out.”
Knight is also afraid of a ripple effect that could impact his own children.
“I do worry about our young people in this country, and people in their 30s and 40s who have children and educations and hopes and dreams,” he said.
For Paloukos, the economy is already impacting his family.
“They’re professionals, doctors, pharmacists and they can’t even buy a home,” he explained.
Utah teacher shares financial tips with students amid market uncertainty:
Despite this week's pessimistic numbers, Dowding says he’s going with the flow and isn’t worried about the economic changes.
“Sure, there’s aspects of world political problems that are concerning, but overall I believe the economy is strong right now and there’s no reason to worry," he shared. "There’s a way to look at things as a state of flux and change, but doesn’t make me worried.”
Those ready to access their retirement investments, social security benefits or other types of plans could be in jeopardy if the economy continues to take a hit.
“It’s just very sad that I have to worry at my age about how I’m going to make it the rest of my life,” Paloukos said.
People are hoping for a solution before the waves of change get any bigger.
“Every day you get up and boy, there’s a brand-new surprise it seems like," Knight said. "We’ve got to get a handle on that and bring some things together and stop the fear that’s going on.”
