Recession - What's it like?
Submitted by localize it on November 21, 2007 - 12:21pm
I am of the generation known as "X" and I'm having trouble understanding what a recession actually means. Let's assume we're heading in that direction. What does that mean on a daily life level? Can someone who's had a few more years and perhaps was an adult during the last major recession offer some insight as to what we should expect? Thanks so much!
Recession
KR
Save a family--one loan at a time.
See Kiva.org.
What I remember is high unemployment, low wages or wage freezes, the economy slows down. Retail profits drop, people stop buying, which slows the economy even more.
stagflation
The scenario I'm expecting is stagflation which ...
is a term in general use within modern macroeconomics used to describe a period of out-of-control price inflation combined with slow-to-no output growth and rising unemployment.
http://en.wikipedia.org/wiki/Stagflation