Economy Problems Continue

November 6, 2008 12:00:00 AM PST
Economic problems will be greeting President-elect Barack Obama when he takes office, and those feeling the tough times are concerned. President-elect Obama will be sworn into office in January. Already some business owners believe Obama could make decisions to both help and hurt the economy. From the front door of Catholic Charities, the economy looks grim. Lines are getting longer for free food. Karina Redfern was waiting for food. She said, "It's hard. There are no jobs everybody's unemployed. There's no work to be found. A lot of places aren't hiring."

More people need help for a reason: the country's economic engine is sputtering. Thursday's nearly 500 point stock market drop is another sign of the struggling economy. Some experts hoped markets would rebound after Obama's election. Nora Salazar sells real-estate in Madera. She said, "He's not in office yet, so there's not too much he can do about it." Salazar is trying to sell a Madera house and she already reduced the price. Salazar and other business owners met Thursday afternoon to discuss Madera's economy. Ideas here vary. Construction contractor Jon Basila said Obama could hurt the economy by indicating higher taxes are on the way. Basila said, "I think it is crucial they don't raise taxes right now. That keeping taxes lower will create jobs?that's what keeps any economy healthy ... Good jobs."

Salazar sees something simple Obama could do to get the economy pumping even if he's not in office. Salazar said, "Hopefully at least start talking about what he is planning to do, because he is giving us a lot of hope."

Obama's campaign proposed to cut taxes for 95-percent of working Americans. But those making more than 250-thousand are expected pay more.



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