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The Recession And Your Role In It

The Recession And Your Role In It


    

The Recession And Your Role In It

by Bradley Jenkins-Cooper

The recession we are having is a scary thing, but it is made scarier than it really is by people who do not understand it and who panic. Recessions are part of the natural cycle of commerce. There cannot be good times (the 1920s, the 1950s, the 1990s) without the bad times (the 1930s, the 1980s, the 2000s). Many people have lost jobs and it is nothing to sneer at. However, things are slowly getting better. Recessions are always long roads, but we are gradually healing.

We have had, in fact, many small recessions. Once you understand the definition of a recession, it is easy to see why. A recession occurs when we have negative economic growth for only two quarters. The longer it lasts, the more it trickles across the country and the more people are affected. This particular recession has been building from a series of poor governmental decision made since 2001.

The thing to remember, too, is that many specialists have said that the recession has been caught early enough where it will not lead to a depression. Many people were able to predict it coming and have therefore taken measures to guard against it. There are many different schools of thought about what to do, if the government should get involved, or if we should just let it take its natural course.

This is different from a depression, which does not have a solid definition. If we go into a depression, it will be known and acknowledged world wide. It usually involves a very long, heavy recession, or an extremely severe and fast fall in economic stability. We are not there yet.

We can all easily just think of ourselves when this hits, but in truth it is a world-wide event. Recessions have an effect on every country that we trade with and every country that they, in turn, trade with. If we cannot spend much as a country, we lower their economy as well. Many times a recession in one place led to a recession in others.

On a smaller scale, people in the United States have started saving more money than ever before. They are worried about losing their jobs or spending money they do not have to spend. By doing this, you lower the income of many small businesses and could eventually put them out of business, forcing them to lay off their employees. It is hard to spend when you worry you will not be able to pay your bills but it is important to try to do so anyway.

When you do not spend, local companies are forced to raise their prices in order to stay in business. This, in turn, makes it hard for you to afford the things you thought you would be able to. Your necessities can easily double in price.

Declaring bankruptcy is something many people turn to and is only a very last-resort option for people who have nothing else to turn to. People can be turned out with nowhere to live and can be forced to abandon their plans for education. This is difficult because many cannot afford the education they need in order to get the jobs they want.

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