Economic recession and how to deal with it

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Economic Recession and How to Cope with It

Economic recession may be a new term in your ears but in essence, it is actually a common financial term used to refer to the particular slowing down of economy. You see, a state’s economy follows an all natural cycle. Sometimes it really is up and sometimes it really is down. You just don’t understand that it’s happening because it has not gone this particular bad since the wall street crash years before. Now, United States is feeling heat once again with the increasing costs of living and also transportation as well as the accident of the real estate business and just recently the particular crash of the best banks in the US.

During these times, all you can perform is to hope and pray that you will be able to keep your job as well as survive the recession until everything is ok once again. To do this, you need to cut back and make sure that you are ready for every eventuality. Below are great tips on how to deal with every American’s concern right now.

1. Prepare yourself

What you know cannot kill you. There’s nothing wrong and getting prepared for potential problems. Even though right now, you don’t have any problems financially, it’s good to get ready for the arriving challenges. You can do this simply by saving up some money and putting them staying with you. That way, you can use some thing for the rainy day.

Think about other ways that you can be prepared and plan close to it. Look at your expenditures every month and check to cut off the accessories. With them side by side, you will know just where you are overbudgeting. This can be an excellent way to strategy and save for future expenses for example, your children’s tuition fees.

2. Save with your consumption

Another way to do this is to make sure that you will spend less for the home. You can do this by slicing expenses that are not necessary like in luxury items such as clothes, amusement, trips. If you don’t want it, don’t buy it. Just purchase the items that you understand you will be using.

It’s also wise to save with your consumption of electricity, gas and also water as these are areas that you may not notice you are overbudgeting but usually you are. For example, ironing clothes slowly and not by mass consumes more electricity. The same goes with leaving behind the door open once the airconditioning unit is switched on. Always make sure that you turn off the TV after viewing it or to be sure, purchase a unit with a programmable on and off switch that you can use. There are also airconditioning designs and heaters available that have this feature.

3. Dont panic

Economic recession mentionened above previously to you is a cycle and usually it will have a finish. There is no need to sense panicky and feel that just about all hope is already dropped. The more that you feel the panic, the more problems you should have because panic could make you do things without thinking about it or cause you to so nervous you’ll be mentally blocked out. So just journey the waves and go with the flow. You’ll never also feel that it’s there.

Comments: 36

  1. Lonnie March 10, 2013 at 8:21 am Reply

    From a marketing perspective which companies or groups of companies in the UK will thrive during the recession. I am working under the assumption that these companies will have larger marketing budgets.

    Can someone clear up this subject for me or just explain the obvious.

  2. Aaron March 15, 2013 at 12:36 pm Reply

    Let’s not forget that the budget sequester deal was a last minute act to keep House Republicans from forcing our government into a shut-down and default on Federal bonds, something that would have thrown us back into a massive economic recession. Now, one of the side effects of the House Republican sequester will be a furlough of FDA employees, resulting in a decline in the number of Federal Food Safety inspectors who are at work protecting our nation’s food supply.

    Are Republicans excited to think of all the new cases of food poisoning they’ll be responsible for?

  3. Britany March 15, 2013 at 12:36 pm Reply

    I’m 14, and I’m concerned about the country’s direction. We’re in trouble economically and we have a deficit crisis. Yet the Democrats’ policies are completely against the principles America stands for: limited government, free enterprise, and personal responsibility. Their policies make it harder for people to create jobs.
    -The Democrats support raising taxes on “the rich” and “greedy corporations”, yet the rich are the ones that create our jobs! And raising taxes on business means less money can be used to create jobs. They also want to raise spending ad infinitum, which increases the national debt. This creates a huge cloud of uncertainty in the business community about if their taxes will go up. We already have the highest corporate tax rate in the world and businesses are in mass exodus to countries with fairer tax codes.
    -The Democrats support more job-killing regulations of industries.. For example, if an onion farmer drops a few of his onions on the very same soil it’s grown on, those onions can’t be brought to market. This raises food prices, which in turn, means less economic growth.
    -The Democrats support increasing the minimum wage. This sounds like good policy, but it means companies can hire less employees. It’s unfair to poor people because it decreases the amount of unskilled labor a company can hire. Also, it drives up the cost of products, discouraging consumption, which is very bad for the economy.
    -The Democrats refuse to allow drilling offshore and on the ground. They won’t let us open nuclear power plants or mine for coal. All of this because of the population of some rare species of caribou or environmental extremist reasons like that. Come on! This makes us more dependent on oil from overseas, and it increases the cost of energy. This severely shrinks our economy and it creates pain for families. Gas is at $4/gallon, and Obama’s solution is to tax the oil companies more! Outrageous! Real scientists, like the co-founder of the Weather Channel, know that global warming is a myth!
    -The Democrats oppose the Connie Mac plan which cuts government spending 1 measly percent a year! They’re so opposed to cutting any spending whatsoever and they were able to whine enough to get John Boehner to sign onto a deal that had lots of “future” spending cuts and a lot less in real cuts.
    -The Democrats support “right-to-work” legislation forcing people to join a Union. This makes the US less business-friendly. And the Obama administration wouldn’t let Boeing move its factory to South Carolina because South Carolina was a right-to-work state! Prohibiting a company from doing business and creating jobs when families are struggling? What kind of “change” is that?
    -As I pointed out earlier, Democrats support increasing taxes which winds up decreasing government revenue. When you take a greater percentage out of the private economy, you have a smaller economy and less growth. This hurts the amount of revenue government takes in.
    -Democrats have opposed every real plan to reduce the deficit, including the Connie Mac plan(mentioned earlier), Cut Cap and Balance, and the Republican Study Commission Plan. They are the party of no solutions, blank checks, and smoke-and-mirrors budgeting.

    All in all, Democrats are a conglomerate of liberal activists, freak-environmentalists, atheist progressive vegans, union thugs, and socialists.

    Please tell me Democrats, why do you oppose cutting government spending and promoting economic growth? Balanced budgets and lower taxes are basic principles that made this country strong. Socialism has always failed. Entrepreneurship is what will save us from the recession, not more government spending. You are jeopardizing my country’s future by leaving us a mountain of debt(crisis started in 2006 when the Dems took over Congress) and a weak economy. Why?
    Many economists are on my side……F.A. Hayek, Milton Friedman, Peter Morici, etc. And I get my information from many reputable sources, including the Wall Street Journal, World Net Daily, FOX News(Regular and Business), CNN Money(liberal bias but not as horrible as other places).

  4. Brigette May 12, 2013 at 6:55 am Reply

    what do u do to stay positive during an economic recession?

  5. Denis May 15, 2013 at 1:31 am Reply

    Lowering interest rates (or leaving them unchanged) will create more inflation. Raising Interest rates will further slow economic growth. What can be done in this dismal market?

  6. Dortha May 18, 2013 at 7:09 am Reply

    It seems that all the economic problems around the world started with the collapse of the Icelandic banks that led to the credit crunch and now has engulfed the world in financial disaster and other problems. To what extent were the Icelandic banks to blame for these problems?

    I need to know before Monday as I have a college essay on the topic. Thanks.
    10 pts for best answer!

  7. Alexander June 18, 2013 at 9:15 am Reply

    Can government stimulus such as tax credits for home buyers be considered a source of economic growth? If there is no source of economic growth during and after the crisis, why not?

  8. Daren June 26, 2013 at 12:21 am Reply

    This is for a roleplay of the G-20 summit I have tomorrow, if I remember my world history right, I know Russia survived the Great Depression pretty well, but how are they dealing with the Crisis of 2008-09?

  9. India June 26, 2013 at 12:52 am Reply

    What are the pros and cons of using expansionary and contractionary monetary policy tools under the following scenarios; depression, recession, and robust economic growth? Which do you think is more appropriate today?

  10. Keshia July 5, 2013 at 5:40 am Reply

    Everyone is telling me that Canada is officially in a recession but I don’t see how that will effect me at all. I work in a necessary industry that always needs workers, I have no children, I’m locked into a lease on my apartment, I have no RRSP, I have no plans to retire and I don’t own or drive a vehicle. How exactly would a recession effect me?

  11. Joey July 5, 2013 at 1:36 pm Reply

    I think this is the ultimate question as how to deal with the economic crisis- to me, the first option is a losing stance since the economy could sink further. The second option, however, is bad short-term but gives more time to solve this thing..Your answer?

  12. Florencio July 19, 2013 at 7:31 pm Reply

    I need a legitimate opinion from people who are educated and able to look at the trends without a sense of fanaticism. I’ve seen the file I.O.U.S.A. and read Empire of Debt. So many people out there are saying that an economic collapse of the United States is imminent. Is this true? What are the ramifications for everyday life for the middle class. What is the timeframe. When responding, please be very specific and put your credentials. Thank you so much.

  13. Zena July 20, 2013 at 6:15 pm Reply

    They used the recession as an opportunity to recruit more union members.

    They benefited from laws that guaranteed unions could use collective bargaining.

    After seeing what life was like for soldiers, they realized their pay and working conditions were good.

    After years of cooperating with the war effort, they fought harder for better pay and working conditions.

  14. Carina September 5, 2013 at 11:40 pm Reply

    Despite having no floods, droughts, or other natural disasters to deal with, many farmers in central America were financially hurt during the 1930’s

  15. Ted September 21, 2013 at 1:36 pm Reply

    Like FDR and the New Deal. The Public Works Administration spent 7 Billion dollars. If the government had all the money why didn’t it help sooner? Where did it get it all from?

  16. Gregg September 26, 2013 at 3:04 am Reply

    I have been wanting to migrate to Canada, but up until now, i wasnt able to really apply for it. And because of this volatile economic situation all over the globe, i have this second thoughts about migrating to Canada. Hope somebody could enlightened me about this issue. By the way i am working as Civil Engineer in UAE. Thanks.

  17. Rosy October 7, 2013 at 3:25 pm Reply

    I’m going to give a speech and I want to contrast our economic difficulties of today with what Reagan encountered. Any other thoughts or suggestions would be appreciated, too.

  18. Willie February 21, 2014 at 9:22 am Reply

    What do think caused the U.S economic recession ???

  19. Zane February 21, 2014 at 2:35 pm Reply

    Explain your view of the New Deal created by FDR. What do you think did it help or hurt American economy in a long run?explain

    a legit website will be appreciated.

  20. Tyson February 21, 2014 at 8:19 pm Reply

    Anyone know anything about the economy during this time and how kennedy may have effected it? Thanks 🙂

  21. Vern February 21, 2014 at 8:44 pm Reply

    I know that a majority of New Deal Spending and Jobs went to Urban Environments, how did this form a new bond between the federal government and cities?

  22. Evan February 21, 2014 at 10:26 pm Reply

    The Great Depression was caused by a number of reasons, mostly by the stock market crash, the U.S. turned this around, mostly by entering WWII, which started new jobs (weapons manufacture, etc.. ) and it also gave Women a chance to work their Husband’s job while their Husbands join the Armed Forces, also the New Deal played a pivotal role, but America’s allies were dependent on weapons supplies. Once the U.S. entered the war it made a lot more jobs with around 10 million enlisted Men and Women into the military.

    The economic downturn today is not as bad as the great depression however if it does get that bad in the future, I don’t think anyone would want to enter war to solve the problem, so what are some possible solutions to create new jobs in such a bad economic depression.
    I am talking about World Wars not the War on Terror, I am looking for alternate solutions!

  23. Antonia February 22, 2014 at 1:22 am Reply

    History project and I only have an idea of the pros not the cons sos its supposed 2 be in essay format 2

  24. Dorie February 22, 2014 at 3:29 am Reply

    I hear talk of a possible recession in Aus, but I was not around when the last one occurred. Can someone tell me what excactly ( I know that it has an impact on the eccomony ) but what sort of impact does it have on the individual or family?
    Any info will be helpful thanks

  25. Gregory February 22, 2014 at 6:24 am Reply

    Hello, i have an economics class and this is like a research paper.

    What i need to do is write couple pages on our economics issues and then i would need to propose some solutions. Before i do that i would like some ideas from you guys :P.
    Mainly need to focus on macro economic issues not micro economy.

    Thank you

  26. Alberto March 7, 2014 at 11:56 pm Reply

    Generally, Americans love to have big lavish weddings, but now with the recession I’m wondering if people are just opting to go to Vegas or just do a civil ceremony.

  27. Cleveland March 18, 2014 at 4:36 am Reply

    I keep hearing about this recession, or economic slowdown, but what does it actually mean? What has caused it?
    I am talking about the UK

  28. Debrah March 25, 2014 at 4:59 pm Reply

    The 1930’s saw one after all the reckless excess of the 1920’s, so is this a likely occurrence in the near future?

    Also, have HIGH ENEGRY COSTS helped a lot to move the economy in that direction?

    Also who swallows the costs of overnight high gasoline price spikes in the USA?

    Where does the money come from, how is this paid for….more credit?

    p.s.
    Please no “Gas has always been high in Europe or ___” type answers please, since this is focused on the USA and the world by default of economic impact.

    So, USA depression similar to or WORSE than the 1930’s or not?

    If not, then why?

    If so then why?

    Thank you.

  29. Rocky March 28, 2014 at 11:32 am Reply

    hello,

    there are lot of depressing articlesnews about global recession and this is been going on from 2008-2009 now. I wanted to know if anyone knows linksdocuments as to why this is happening *still* in detail. I am aware of debt crisis of 2008-2009 but it somehow does not seem to get over even three years later.

    Thanks,
    -Neel.

  30. Hisako March 29, 2014 at 12:11 am Reply

    I have to write a report about GM’s economic condition.

  31. Gregory March 29, 2014 at 12:16 am Reply

    Almost every country is suffering economic crisis and is fearing about it getting worse. Then where is the money going?!!!

  32. Pat April 4, 2014 at 7:44 am Reply

    Many of my friends and colleagues have been discussing the global recession more and more, lately. Almost all say the same thing, “I wonder when this would be over” over and over I keep hearing this.

    ——–This is what has stimulated this comment (yes, its not a question, report it if you want). Anyway, since I follow overseas news stations that report on banking mergers and country talks (example: france, kuwait, saudi..and other countries), I figured I’d inform the uniformed.

    The recession will end when the globalization efforts have succeeded. When? Well, I can not say for sure, but according to factual evidence of bank and country efforts to increase the intensity of the process, I would assume the world’s economic functionality will be *allowed* (yes, I am indicating this crisis is orchestrated) to resume (prosper) in the end of 2009-mid 2010.

    P.s. I’m not looking for you to agree or disagree with me, I need no reassurance of my findings, rather, I figured I’d inform those whom may be unsure….

    Take it the way you want to, feel free to call me names and insult me, also feel free, if you are aware of reality, to inform and confirm my findings.

    Peace

  33. Brian April 4, 2014 at 8:14 am Reply

    Why is an economic recession undesirable for consumers, producers, and the government?

  34. Graham April 17, 2014 at 1:52 am Reply

    Explain the differences between the 1st and 2nd phase of the New Deal. Why did the country hit another horrible depression in 1937? Is it true that the only event that brought the United States out of the depression was World War II?

  35. Patria May 3, 2014 at 9:46 pm Reply

    …in the US…economists said it was a very short recession–8 months
    I don’t care when it started…2000 or 2001…what caused it?

  36. Luis May 13, 2014 at 11:51 am Reply

    What is a ‘Recession’ of an economy and how can it be compared with inflation and Hyper-inflation? And is ‘economic recession’ only applicable to the US economy only?

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