How is the average American affected by the current recession?

Posted by admin
recession
t-pain asked:


I’ve heard talk of the economic downturn and recession on the news every day for months now, but I have not seen any change to my personal life at all. I still spend as much money as I did before the current “crisis.”

Louis
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    • This entry was posted on Tuesday, June 23rd, 2009 at 7:09 am and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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    How would a recession affect the average American? »

    No Responses to “How is the average American affected by the current recession?”

    1. mollyneville Says:
      June 24th, 2009 at 6:04 pm

      I think it all depends what your job is and what your own financial situation is. If you have a lot of money or you aren’t at much risk of losing your job, it might not affect you much.

    2. Sue B Says:
      June 27th, 2009 at 9:20 pm

      A lot of people have lost their jobs or have been put on notice that there will be layoffs down the road or have their hours cut. They worry about paying the mortgage and paying car payments Not to mention all the other bills that have to be paid. Putting food on the table is harder especially if you have children or a diet you have to follow. Medicines expensive and not all medications have generics or an equivalent. Even with insurance trying to pay for them is hard. If you can still spend what you been that’s great but I hope your saving a little bit just in case. :~)

    3. meg Says:
      June 29th, 2009 at 7:07 am

      The unemployment rate varies widely depending on where you live. see There is also a big difference for different age groups, withe young inexperienced workers having the most difficulty finding work if they lose their jobs or are just getting out of school. People are mostly affected by their own situation but if their friends or family lose jobs they feel less secure.
      So far the economy has lost only a little over an million jobs and the unemployment rate is only 6.5 % but it is expected to get worse.

    4. fourthitude Says:
      July 1st, 2009 at 12:33 pm

      Sounds like you are not the average American. As it implies, the effect will be on the average person as they form the most part of any statistical eventuality. Wait your turn to become part of the statistics when things turn soon.

    5. s7e7v7e7n7 Says:
      July 2nd, 2009 at 5:56 pm

      You probably have a job that pays you a cost of living expense and that would account for your in-ability to sink to poverty levels. You have not yet experienced the decline of your life style of existing in your bubble. Your question reminds me of the lottery sales pitch where they spread stories about the big winners being cashed in but no matter how much you invest in the lottery to make their stories true to you the reality remains true, there are no big winners it is just a fabricated story that sells a game piece to create a profit for the few and they are the big winners of all the games sold and this story leads to another. What makes poverty? those who buy stories of wealth where they can someday live in a bubble existing next to a neighbor just like who?