If (or should I say when) our country goes into a recession? What will that be like? What will the effects be

Question

The last time we were in one, I was a child. Thanks.

Answer 1

When a country goes into recession, their economy and moral sinks. These includes
1. power of the dollar weakens (i.e. with the same amount of money you have... you buy less of what you can.. aka the purchasing power of money is reduced. so for example.. last year... you can buy hot chocolate for $1, but now your country goes into recession, it takes $1.45 to buy that same hot chocolate.... so your money is weaker

2. unemployment rates increases - more people will be out of job because businesses cannot cover their variable cost and have to resort to downsize their business to keep it surviving.. so a shoe factory makes 10,000 shoes in a month, and uses 500 people to run the plant/factory... now, business sucks, and they don't make much sales/revenues.... they have to "let go" of some people and only hire 300 factory workers , working over time or something

Answer 2

Recessions are usually mild and short, and most people who have a job are not effected directly. Students have trouble getting summer jobs, and new graduates do not immediately find good jobs, but must wait for the economy to improve to get what they want. Companies do not create many new jobs, and laid off experienced worker get what is available. In the 1930's it lasted about 10 years and unemployment reach 25% but nothing like that has happen since.

Answer 3

Recession is the best we can hope for, it's likely going to be a depression. Our general standard of living will drop. Less driving, fewer movies, cell pay as you go instead of contracts, more macaroni, less heat and air conditioning usage, pets will die for want of vet visits, the national life expectancy will drop by ten years, and more. You can survive this by becoming acquainted with your goodwill store, planting a garden, and giving up cable TV and other luxuries. See you on the other side -- maybe.