Economist shares how Trump's win could impact stock market, inflation

The economy was a key issue among voters during this election season. So what does a Trump win mean for the economy?

News 3 asked local voters what they think the economy will look like during Trump’s second term as president.

“I think he’s good for the economy. The S&P and Dow have already raised. That means my 401K for retirement is going to increase greatly,” said Kim, a voter who only wanted to be identified by her first name.

Watch: What could a second Trump term look like in the White House?

U.S. stocks rose after Trump was declared the winner. The Dow Jones rose by more than 3% and the S&P 500 jumped up by about 2%.

Taxes are also key issue among voters. At campaign rallies, Trump has mentioned wanting to eliminate income taxes.

Here’s what economist Bob McNab says may happen instead: “A Trump administration would try to get both houses of Congress to agree to income tax reduction. That would mean more money in people’s pocketbooks.”

One voter says although he doesn’t agree with Trump’s rhetoric, he believes Trump will control inflation.

“It’s disheartening because of everything he stands for, it doesn’t represent what most of us stand for. But he does listen to the people. Groceries are too high and expensive and the Democrats were not paying attention,” said voter William Harding.

Watch: Harris concedes to Trump, commits to a ‘peaceful transfer of power’

McNab says Americans could see more job growth.

“We would expect under a Trump administration to see defense spending increased at a faster rate than the last four years. More shipbuilding, more ship maintenance, which would lead to more jobs in the region,” McNab said.

Trump’s win will also mean more enforcement at the U.S.-Mexico border.

“We should expect more border security and border funding,” McNab said.