Slowing Economy Hurting Alabamians - WSFA.com Montgomery Alabama news.

Slowing Economy Hurting Alabamians

Montgomery, AL (WSFA) -- With a credit crisis, record foreclosure rates, and a falling job market, the reality of a recession is growing.

The stock market surged about 400 points Tuesday after the Federal Reserve cut a key interest rate, but the gains have all but disappeared.

Within 24 hours the market lost 293 points..

Surging crude oil contracts have sent gas prices skyrocketing, causing problems for drivers across the state.

"I'm fixing up my bicycle," joked motorist Wayne Thorenton.  "I'm fixing about 2 or 3 bicycles up and getting ready to start riding one of those."

Pain at the pump isn't the only problem.  Food prices are on the rise.  Americans spend at least 10 percent of their yearly disposable income on groceries.

Mix that in with the drive to town for a gallon of milk--you're looking at a steep price tag.

"Most people are on a pretty tight budget as it is, and when you throw in the increased cost of fuel, it's not going down," explained Angela Fannin, a Ramer resident.

It's a different story on Dexter Avenue.  The fumbling economy will affect the state's general fund and budget--but not enough to make a major change.

"We have about 30 funds that bring in the revenue for the general fund, and always we have some that are up and some that are down, and they kind of offset each other," explained Jim Main, Alabama's Finance Director.

With an economy in a slowdown, Alabamians stand ready.

"I think it'll get worse, but I really hope it'll get turned back around, just for everybody's interests," admitted Luci Mitchell of Montgomery.

 

Reporter:  Cody Holyoke

  • NewsMore>>

  • Trump defends tax plan, proclaims economy set 'to rock'

    Trump defends tax plan, proclaims economy set 'to rock'

    Saturday, December 16 2017 3:16 AM EST2017-12-16 08:16:02 GMT
    Sunday, December 17 2017 10:40 AM EST2017-12-17 15:40:32 GMT
    (AP Photo/J. Scott Applewhite). House Ways and Means Committee Chairman Kevin Brady, R-Texas, is pursued by reporters in the Capitol after signing the conference committee report to advance the GOP tax bill, in Washington, Friday, Dec. 15, 2017.(AP Photo/J. Scott Applewhite). House Ways and Means Committee Chairman Kevin Brady, R-Texas, is pursued by reporters in the Capitol after signing the conference committee report to advance the GOP tax bill, in Washington, Friday, Dec. 15, 2017.

    Republicans working to execute their first major legislative achievement of Donald Trump's presidency appear to have secured the votes to pass a massive tax overhaul that Trump hoped to present to Americans. 

    More >>

    Republicans working to execute their first major legislative achievement of Donald Trump's presidency appear to have secured the votes to pass a massive tax overhaul that Trump hoped to present to the American people for Christmas.

    More >>
  • After Alabama, abortion may be backseat issue in 2018 races

    After Alabama, abortion may be backseat issue in 2018 races

    Saturday, December 16 2017 12:06 PM EST2017-12-16 17:06:09 GMT
    Sunday, December 17 2017 10:40 AM EST2017-12-17 15:40:29 GMT

    Both Democratic and Republican operatives say abortion may take a backseat to other issues in 2018 now that conservative Alabama has elected a Democrat who supports abortion rights.

    More >>

    Both Democratic and Republican operatives say abortion may take a backseat to other issues in 2018 now that conservative Alabama has elected a Democrat who supports abortion rights.

    More >>
  • Special counsel obtains thousands of Trump transition emails

    Special counsel obtains thousands of Trump transition emails

    Sunday, December 17 2017 3:19 AM EST2017-12-17 08:19:20 GMT
    Sunday, December 17 2017 10:40 AM EST2017-12-17 15:40:18 GMT

    Several people familiar with President Donald Trump's transition organization say special counsel Robert Mueller's team gained access to thousands of private emails sent and received by Trump officials before his administration began.

    More >>

    Several people familiar with President Donald Trump's transition organization say special counsel Robert Mueller's team gained access to thousands of private emails sent and received by Trump officials before his administration began.

    More >>
Powered by Frankly