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10 Things People Look for In a Recession

By: Steve Johnson

7/2/2008 - 38 Comments

This is a list of the 10 things people look for in a recession.

1) Job Stability – Is the economy going to whether the recession or will it suffer from contraction and laid offs? That is the question on everyone’s mind. Productivity is increasing as people are working harder to try an escape the chopping block.  The rising unemployment rate and news coverage of job losses only adds to the anxiety over job stability.

2) Savings – If something goes wrong, the saving account is the first place to look for extra funds. Look for an increase in saving accounts as many prepare for economic troubles ahead.

3) A New Investment Adviser – As the stock market drops, people lose trust in their current investment adviser and begin looking for other investment advice to preserve their wealth.

4) Food Supply – Adjusting for rising food prices will change the way people eat. Many will begin eating out less, planting a garden, cooking more meals at home and stockpiling food in a pantry.

5) Ways To Cut Back – Suddenly, debt is not such a good idea and many families will be looking for ways to begin living on a budget. Methods of cutting back will be in high demand. No vacation this year. No new car. No remodeling. No new wardrobe. No new house.

6) Things To Sell – As the economy slows down, eBay and garage sales are in full bloom. Everyone is trying to sell a few items that they don’t need in exchange for a few dollars that they do.

7) Education – Perhaps now is a good time to go to college and get re-trained for a new career.  This is especially the case with the sectors of the economy that are hit hard by laid-offs and downsizing.

8) New Leaders - As gloominess spreads, people begin to look for new leaders that can provide hope for the future with new ideas that can revive the economy and increase jobs.

9) New Markets – As sectors of the economy shed jobs, there is a sense of desperation for new markets to create new innovation that can provide new jobs. The government will often reduce corporate tax burdens (as they did with the 2008 tax stimulus package) to encourage businesses to go after new market growth opportunities. 

10) Handouts and Bailouts – When all else fails, people look to government to give handouts and bailouts to everyone that got in over their heads and lost a lot of money.  In response, the government creates a slew of new regulations and new social programs with the intention of helping people – even though few of these efforts help anyone and most of them have unintentional consequences which make the problem worse. (like inflation)

There you have it. What has the recession triggered you to looking for?

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