What would happen if we had a reccession? Would it affect an average person?, would it be a state ofemergency

Answer 1

We are in a recession.

Odds are it will directly affect around 15-20% (maybe more) of the public in layoffs and reductions in pay, benefits.

No, a recession is not a "state of emergency" unless it is your family that you cannot feed, then it definitely feels like an emergency to you.

Answer 2

We've had recessions before and there were no big deal. A lot of the major business and stock analysts get really frightened about such things but in reality for most people things continue as normal. Some industries are hit harder than others depending on the nature of the thing.

A recession wouldn't be a state of emergency I think. A depression, like what happened in the 20's could do it, but even then I'm not sure.

Answer 3

we've had recessions before and they aren't cause to declare a state of emergency.

the usual effect is that some marginal businesses and marginal employees cease working. Then the people involved go looking for a new job, taking less money than they used to get.

most other businesses simply pull in their horns and put expansion plans on hold ... which stops hiring and makes it much harder for the newly unemployed to find work.

government tax receipts cease growing, or actually decline, and you'll hear a lot of hand wringing from politicians about how hard it is to cut government budgets. tax increases will be proposed to solve their problems even though such tax increases will make the recession worse.

and, you'll get through it.

Answer 4

Recession is the opposite of inflation. Wages and prices tend to drop during a classic recession. The housing market is experiencing one right now in many parts of the country.

It's really only an emergency if you are affected directly OR if it is so wide spread that it impacts most of the economy and leads to massive job losses such as during the Great Depression.

Answer 5

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Answer 6

No it wouldn't be a "state of emergency." What media hooey are you listening to? There have been many economic recessions in the past and there will be more in the future.