The Recession That Will Change A Generation
The year 2020 has been marked by unprecedented challenges, with the global COVID-19 pandemic bringing economies to a standstill and causing widespread job losses. As the world faces one of the worst economic recessions in recent history, experts warn that this crisis will have a lasting impact on an entire generation.
The effects of the recession are already being felt by millions of people around the world. In the United States alone, more than 20 million jobs were lost in April as businesses closed their doors to comply with social distancing measures. The unemployment rate skyrocketed to levels not seen since the Great Depression, leaving many families struggling to make ends meet.
Young people have been hit particularly hard by the recession, as they are often the first to lose their jobs in times of economic turmoil. Many recent graduates have found themselves unable to secure employment in their chosen fields, forcing them to take on low-paying or part-time work just to get by. This has led to a sense of disenchantment among young people, who had high hopes for their futures before the pandemic hit.
The long-term effects of the recession on this generation are still unknown, but experts predict that they will be profound. Studies have shown that people who graduate during a recession earn lower wages and experience higher unemployment rates throughout their careers. This can have a ripple effect, with individuals struggling to pay off student loans, save for retirement, and achieve other financial goals.
The mental health consequences of the recession are also a growing concern. The stress of financial insecurity, coupled with the isolation brought on by social distancing measures, has led to a rise in anxiety and depression among young people. Many are grappling with feelings of hopelessness and uncertainty about the future, unsure of what steps to take to improve their situations.
Despite the challenges posed by the recession, there is hope for the future. Governments around the world are implementing stimulus packages to help revive their economies and support those most affected by the crisis. Businesses are adapting to new ways of operating, and innovative solutions are being developed to address the changing needs of consumers.
As we navigate through these difficult times, it is important to remember that resilience is a key trait of the human spirit. This generation may face unprecedented challenges, but they also have the opportunity to build a more sustainable and equitable world for future generations. By coming together, supporting one another, and embracing change, we can emerge from this recession stronger and more united than ever before.
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Consumer spending is continuing to grow in real terms, outpacing inflation. That's despite the record high credit card interest rates. What's going to happen is ordinary Americans are going to reach a debt to income ratio similar to the US government (which is at a debt level of ~7x GDP). At that point everyone's interests are aligned. Hyper inflation. Inflate away the debt. Laugh at the creditors and the bond investors and anyone not holding real assets.
Recession will start once Trump wins the election.
we should do a opposite investment action
remember the US (and for that matter all over the Western world) population participation rate in the job market is at extreme lows – a vast amount of the workforce went into retirement over the past few years as the last cohort of baby boomers reached retirement age, many people who refused the mandated bioweapon jabs, took early retirement or those that did get jabbed, many died and became long term disabled – so there are far fewer people in the jobs market – meaning higher rates of employment and lower rates of unemployed in the figures due to this phenomenon
Great reporting. Thanks for the update.