People are losing their homes, they can't afford to heat them this winter, the discretionary income is totally gone for most families... what the hell does have to happen before the word will be used officially??? Thoughts, you good people?
2007-09-14 04:55:01 · 6 answers · asked by Anonymous in Social Science ➔ Economics
You will know when a recession arrives because people will lose their jobs, and not find new ones. Losing your discretionary income is not nearly as bad as losing your income. Things have been a lot worse and will be again, probably next year..
2007-09-14 08:08:00 · answer #1 · answered by meg 7 · 0⤊ 0⤋
Oh yeah it'll get alot worse, the auto sector GM, Ford, Chrysler are hurting . Family farms are hurting due to drought or too much rain.
Inflation could hit double digits like it did in the 70s and 80s.
Gas and oil prices can keep climbing , hydroelectric costs will keep rising.
The weather can wreak havoc , sorry to be so doomsday but it can and it will get much worse and could easily thrust the us into a depression like the 1930s.
In contrast , despite the manufacturing industry falling apart in Ontario, oil and gas reserves in Alberta and Newfoundland and Labrado keep Canada's economy hot. Our housing market is going strong, a stat yesterday on the news is that 66 per cent of Canadians own their own homes.
Haven't looked today but the Canadian petro dollar aka the Looney, is within reaching parity with the US dollar which seems to be devaluing down to a 20 year low. Haven't seen the cdn dollar this hight since the mid 70s.
However it is known that when the US catches a cold , Canada may get pneumonia under the right conditions. So perhaps we're all headed into an interesting time in the 5 years or so.
2007-09-14 06:12:27 · answer #2 · answered by Lizzy-tish 6 · 0⤊ 0⤋
I'm no economist but I do remember from college civics classes that the term recession has a distinct numerical value associated with it. Something to do with consecutive years of negative economic growth I think.
2007-09-14 05:01:35 · answer #3 · answered by Patrick K 3 · 0⤊ 0⤋
Recession = When the country is totally overrun by hippies with rabies. When you've been bitten by a rabid hippie, you will know...we are in a recession...
2007-09-14 05:26:09 · answer #4 · answered by xoxox 2 · 0⤊ 2⤋
We have the lowest unemployment in my personal lifetime (45yrs).
I refuse to participate in a recession. I think positive.
Truthfully, most people who have the problems you're speaking of are there because of choices they've made.
They'll have to find they're way out of it. It probably won't be easy.
Just my opinion.
2007-09-14 05:01:28 · answer #5 · answered by mark623112 4 · 0⤊ 3⤋
Still far from it, you have not seen a real recession in your lifetime.
2007-09-14 05:00:10 · answer #6 · answered by ~ Floridian`` 7 · 1⤊ 0⤋