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If you save a good % of your gross earnings and invest wisely and save consistently, you should be okay through any recession, even if you lose a job and even if it takes you a year or more to find another one. The trick is always being prepared for "Career Armageddon," because losing a job can happen at any time.
Point of order - it was big business who destroyed the middle class. Any government involvement was caused by bought-up politicians doing their master's bidding. It was business who blew the Housing Bubble, business who crashed it, and business who was Bailed Out at our expense. Business who outsourced our jobs, and business who bought up our leaders to ensure all of this would happen then and will happen again.
As for the OP's post, we hardly left the most recent recession, and I believe history will show this period as just an uptick in the Great Recession. Nothing has fundamentally improved. Jobs are still hard to find - except now we have more part-time, poverty wage crap that people can't life on... yeah - people are still in debt, and most of the wealth continues to flow up into the hands of sociopaths who'd gladly see the world burn if it meant a few more dollars in their pockets. Heck, we've even got people trumpeting how "good" it is that housing is becoming less and less affordable, and flipper shows are back on TV! Nothing is learned from the past, sadly.
After the DotCom bubble, housing became the fallback for investors and businesses and "all-in" on housing which we can agree that it created the perfect storm for the last recession.
Back in the old days, a person who saves and keeps his money is the bank can early almost a double % growth due to interest.
Because of the Feds wanted trickle down economy, they became the direct lenders to big businesses by offering free loans and literally free betting. Too big to fail.
The middle class no longer have a way to accumulate wealth through saving and the economy is all about placing bets.
Looking at all the industrial expansion and hiring going on in our area, I wouldn't worry about recession around here any time soon. I'm retired so I'm not worried for myself, but I enjoy reading the business section in the Knoxville News Sentinel and not a week goes by that they don't report one or more companies expanding or moving into our area and the corresponding hundreds of jobs for which they will be hiring. We are becoming a center for advanced materials and 3D printing technologies, as well as auto parts manufacturing. It's all about location, location, location. If you need a job, go where the jobs are.
After the DotCom bubble, housing became the fallback for investors and businesses and "all-in" on housing which we can agree that it created the perfect storm for the last recession.
Back in the old days, a person who saves and keeps his money is the bank can early almost a double % growth due to interest.
Because of the Feds wanted trickle down economy, they became the direct lenders to big businesses by offering free loans and literally free betting. Too big to fail.
The middle class no longer have a way to accumulate wealth through saving and the economy is all about placing bets.
After the DotCom bubble, housing became the fallback for investors and businesses and "all-in" on housing which we can agree that it created the perfect storm for the last recession.
Back in the old days, a person who saves and keeps his money is the bank can early almost a double % growth due to interest.
Because of the Feds wanted trickle down economy, they became the direct lenders to big businesses by offering free loans and literally free betting. Too big to fail.
The middle class no longer have a way to accumulate wealth through saving and the economy is all about placing bets.
While a reasonable economist (or person) would suggest that we're due for a recession within the next six years, no reasonable economist (or person) is estimating that it will be at least as bad as 2008.
Our product line focuses on fortune 100 companies and upper middle class to wealthy consumers. These types of customers are generally least impacted by recessions. I think my job will be relatively safe.
The OP is really exaggerating when mentioning a recession at least as bad as 2008's coming. That was the worst recession since the Great Depression- caused by unbelievably crazy misdoings in the financial industry that caused a chain reaction of disasters. Much worse than what you see in normal recessions. Most are expecting a mild recession to come down in the next few years, nothing major.
I don't know about a recession again. Things are on the upswing as far as I can see. My company is training me for a new position. I see myself working here for another 20 years easy. Then again I love it here. Housing has recovered. What I like about that is we bought our home in 2010 when things were way down and now our homes value is way up. sure it is all on paper but in 4 and a half years we have 50% equity in our home. Not bad since we put 3% down on it. Not that the equity changes anything, I only see it as a debt to pay off, one we hope to have paid off in the next 10 years.
Things are looking great from where I am standing. The entire economy could fall apart. I get that but don't dwell on it. I have no way to control it.
If in the 1930's it was called a depression, and in 2008-2012 it was called a recession, what will the next one be called?
Interesting trivia:
- Back in the 1800's, they were called Panics.
- When the Depression hit, the name was changed because "Panic" scared people
- Of course, the Depression turned out to be longer and worse than any Panic in the past couple hundred years, so now we use Recession instead of Depression.
- Next up, since we've been in a Recession of sorts since arguable 2000 if you ignore the false wealth from the Housing Bubble, most of which vanished except for what the crooks and clowns at the top received, we'll have to call what we're in something else.
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