If a recession does happen in the US what are the consequences to Americans?

Answer 1

A recession is simply 2 consecutive quarters of reduced GDP. The impacts could be varied depending on the severity of the decrease and the length of time GDP falls.......

Answer 2

Not a lot, practically speaking, unless the recession becomes an extended affair. That hasn't happened since the seventies. Consequences can include higher interest rates, higher unemployment, and shortages of various goods. All of the recessions in my adulthood have been minor affairs that pretty much only affected the stock markets (and my 401k).

Answer 3

Really none to the majority. Mild recessions happen once in a while, with stocks going down, unemployment spiking a bit. It will only get ugly, when it last for over a year and our business partners in Europe and Asia will have one too. Right now, we are lucky, that the US is the only of the industrial countries, which has not much growth, thanks to the waste of space called Bush. The other countries float in money and keep on investing it in our economy, keeping it safe for now.

Answer 4

I believe we'll see much more than a recession. I think shortly after Bush leaves office, this country will see the worst economic depression in its history as taxpayers are burdened with TRILLIONS of dollars in war debt, corporate welfare recipients take their cache of cash and sock it away in offshore accounts to avoid paying taxes, and the American workforce collapses from a decaying housing/mortgage market and a lack of any industrial or manufacturing presence.
We've squandered our future, shipped jobs off to China and Mexico, and buried ourselves deeply in debt just to satisfy the ego of a 'war' President.
Like the great Greek and Roman empires before us, the United States' dynamic destiny is spiraling downward as arrogance, avarice and hubris sets in and swallows up our collective consciousness. We've become a wasteful, materialistic, corrupt, amoral society,
I expect Americans will suffer the consequences of all our excess, just as all other great civilizations have fallen once the human frailties of sloth, greed and pride overtake our compassion, humility and industrious spirit. Jobs will evaporate; banks will fail; the stock market will implode on itself; mortgage companies will go belly up; millions will lose their homes; America will become a rusted-out hulk of its former self.
Then, after ten or twenty years of such economic tragedy, a revitalization will take place. Maybe Americans will return to their roots of hard work, honesty, respect for all others, a sense of morality and dignity, and a new-found regard for the world environment and all of its inhabitants, be they man, plants or animals. -RKO- 10/05/07

Answer 5

Same as they were under Clinton's recession. But fortunately Bush got us out of that and we've been going strong for about six years now.

But affecting me personally? Not much. My work and job is pretty secure. Been through a number of them and I've always come through it okay.

Answer 6

A recession is defined as simply negative GDP growth in any given quarter. We experience them infrequently, and, the nation will "bounce back".

Answer 7

If a recession happens...the rich will want more tax breaks, and the rest of us will suffer.

In a recession expect many gov't give aways to the rich, and big business.

Answer 8

Money would get tighter and prices would come down. We are seeing this in the housing market right now.

Answer 9

what you should be asking is:

"what are the consequences of unchecked inflation"

because that seems to be happening right now

Answer 10

Middle class conservative Republicans will have their hands out. They will apply for welfare, food stamps, and then Medicaid as their unemployment benefits and health insurance run out. They will push for legislation that allows them to stay in their over-mortgaged homes without paying.