Trump at 100 days: Consumers adjust amid NC's uncertain economic outlook
RALEIGH, N.C. (WTVD) -- A local economist is warning that North Carolina could be worse off than others with the Trump Administration's Department of Government Efficiency (DOGE) cuts. The Triangle has a lot of research being done.
The nonprofit research institute RTI International is just one North Carolina entity that has had to lay off dozens of employees because of cuts in federal funding. Grants, which fueled work in Triangle Research Park, evaporated overnight.
"Our state could have a deeper recession," said Kenan Institute Chief Economist Gerald Cohen.
Cohen once served as the Chief U.S. Macro Economist with the United States Treasury Department.
He said North Carolina's economy grew quickly because of RTP, and the area is one of the greatest at risk because of the DOGE cuts.
He pointed to analysis from The New York Times, which finds North Carolina could be one of the states hit hardest by the administration's medical research cuts to colleges and hospitals.
"This might be more of a recession for us... than I would have imagined a year ago when we were worried about the economy," said Cohen.
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Boxyard is located in the heart of RTP and is a go-to spot for people who work in the area.
Chef Katsuji Tanabe and his partner just opened their latest venture, La Taqueria, three weeks ago.
He said there have been no signs of an economic slowdown, but knows all too well about the DOGE cuts.
He signed on to fill the gap at a summer camp for low-income children where funding has been trimmed.
Tanabe wouldn't share the name of the organization. He explained that some of the enrolled children and/or their parents are not in the country legally.
"Their biggest fear is ICE might show up," said Tanabe.
He said some federal grant money was eliminated, so the restaurant is stepping in to make sure the children don't go without a meal.
"I don't care who you are and what you do. I think kids are very important, regardless of immigration status or anything," said Tanabe.
Consumers find creative ways to save dollars
With the ups and downs in the economy during President Donald Trump's first 100 days in office of his second term, many people are facing uncertainty about how to handle the rising food prices, tumbling 401(k)s, and how to invest and save money.
"I have become a student of what's going on and where," said Knightdale resident and community activist Grady Bussey.
He said he is paying attention and not panicking during these times of economic uncertainty.
"I think years ago, I probably wouldn't be as astute of changes and how the trickle-down actually affects me and my house," Bussey said.
Bussey has a family of five, with three children: One out in the workforce already, one graduating from college this year, and another in high school. He said they had to make cutbacks during the last few months, including changing their spending habits at the grocery store.
"No more impulsive buying," Bussey said. "So I make a list of what we're going to buy and I stick to it."
He said they've found ways to save.
"There are ways you can get coupons just by using your apps. You know, when we go into our supermarkets and ask you to put in a phone number so that you can get all your points and all of that, it really works, you know, and it saves a lot of money," Bussey said.
When it comes to his money, he's consulted with his financial advisor and while it's hard to see the losses, he says, "You're supposed to stay the course, focus on the fact that there is an endgame be mindful that to diversify what type of, you know, savings, bond stocks and mutual funds that you have and be astute to what it is that you have."
Bussey added that he is using these times of financial ups and downs to teach his children about the power of saving.
"We're teaching our kids through these unique times that, you know, there is an opportunity to learn to better yourself and prepare yourself for our next," he said.
Financial experts agree when it comes to wallet worries. It's key to avoid making emotional decisions and major moves during an uncertain economy.
Bussey also says the power of getting involved on the local level is important.
"The reality is, is that there are you know, we can watch TV and see things and be upset, but it's local politics that truly matter, it's the local politicians that truly are the ones that control your day-to-day," he said. "Local politics matter, and we need to make sure that if you don't like something, do something about it. Make sure you stay engaged, be the winner of this vs. just shrug your shoulders and say, 'No, I don't want to be involved. I don't want to be involved with it,'" Bussey said.
