Knowing where you are at and what you have seen how do you think another recession would impact your life? Have you recovered economically from the last one? Knowing a bit about the past and the impact this last recession had on the world can help you prepare for the next storm which according to history will happen again. The only question is when? What do you think will protect you this time around? What lessons did you learn and what will you do differently this time? Do you think you will cash in on this one? Recessions do bring opportunities for some.
Wednesday, October 9, 2013
Are You Ready For Another Recession?
Although it seems the U.S. never really got out of the Great Recession that started in December 2007 it did technically end in June 2009. Wages remain rather low which have left many people having to work more than one job. High tuition costs no longer guarantee a high paid job, how could it when there aren't too many to go around. A recession is a business cycle contraction, the U.S. has had at least one every decade dating back to the Copper Panic of 1789. The longest period we have gone without a recession has been 10 years which was during the 1990 dot com bubble. If you believe we are about to set one for the books and go beyond 10 years before we see another recession then you have nothing to worry about. If you are a bit more realistic you will expect for us to go through another recession at least a mild one for the 2010 - 2020 period. Recessions on record vary in regards to length and how often they occur.