LAS VEGAS (KTNV) — From higher food, fuel and utility prices to layoffs and confusion about the on-again-off-again tariffs, many people here in our valley are worried the U.S. economy is headed for a recession.
“Everything is rising except for the wallet," said Las Vegas local Bogdan Woronieski.
Woronieski is now retired and having a tough time making ends meet.
“I have to go through my savings now, it’s going beyond my money I’m receiving from social security," Woronieski said.
He's one of many without extra cash to spend and he's concerned if there's no relief, a recession will happen.
“Another recession, it’s going to be hard," Woronieski said.
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Stephen Miller is a professor and research director for the UNLV Center for Business & Economic Research. He told me he believes we aren't there yet.
"Well, I don’t think we’re close to a recession if you look at the percentages, but we’re moving in the wrong direction," Miller said.
Miller believes the Trump administration's economic policies are paving the way to uncertainty and instability.
“There’s too much volatility in policy, tariff policy," Miller said.
Since last week there have been several changes to the new tariffs. They have been changed, added to and removed.
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“It’s hard to keep track of what’s going on," Miller said.
He hopes the government makes it clear soon, hoping to alter the course away from a repeat of the Great Recession of 2008.
That was a severe blow to our local economy — damaging tourism, the housing market and bringing with it high unemployment.
“It was not a good time, we don’t want to repeat that. I’m not saying we’re going to repeat that," Miller said.
“I actually bought a home in Las Vegas in 2005 and in 2008 my house lost 75% of the value," Woronieski said.
Miller said if you're worried, try to save your money right now, but he said the best preparation does come with a catch.
“The advice to individuals is don’t make any purchases on credit, don’t make big purchases, try to increase your savings, so what you're doing is reducing consumption, but at the national level if everyone did that, it would push us into a recession," Miller said.
Miller wants to remind everyone we're not in a recession as of now and hopes our government stabilizes its economic plan moving forward to calm any fears of a possible recession.
