if the US goes into a recession, how will it impact my life?

Answer 1

If you and your family members do not lose your job, want to change jobs, or are not entering the work force, you will hardly notice. The impact of recessions falls mostly on young people who are entering the work force. Employers prefer experienced workers and during a recession the pool of unemployed experienced workers is large enough to fill the few new jobs created.

Answer 2

A recession generally occurs when the demand for goods falls. This will mean that:

1. You could lose your job if your firm cuts back on its production.
2. The stock market could fall, leading to a loss in wealth
3. The government might raise taxes to pay for increases in welfare benefits for unemployed workers.
4. The price of your house or the rental price of your apartment will fall, because people are poorer during a recession.

The list goes on....

Answer 3

I'd say it would be a good time to go into the collections business if ya know what I mean..