The Next Recession Is Gonna Really Suck

[Ka-El]

The Next Recession Is Gonna Really Suck

Talk of a recession is in the air again after the recent wobble in the stock market. It’s highly likely the next recession will occur in the coming three years, while President Donald Trump is still in office. Maybe it’ll happen as a result of his inflation-baiting tax bill. Maybe it’ll have something to do with excessive consumer debt. We don’t know what the cause will be, but we do have some idea of how Americans will experience the next sustained economic slump. Since the Great Recession, during which the GOP repeatedly if grudgingly went along with former President Barack Obama to extend unemployment insurance, Republicans on both the state and federal level have pushed to make benefits less generous and harder to get.

Meanwhile, the holes they’ve created in the safety net will be filled by so-called “alternative work arrangements” — gigs — which offer fewer protections for workers than full-time jobs.

By design, America is ill-prepared for its next recession, and it’s going to suck.

http://www.msn.com/en-ca/money/markets/ ... &ocid=iehp

[Jflem1983]

Ive been preparing for things to get bad for a long time. Survival of the fittest.

[Ka-El]

Do tell, what steps have you been taking?

[Queen K]

Two guys sitting in a bar, shooting the breeze.

"Clem, I've been stocking up on salt, spices, canned goods, ammo, tp, medicines, lightbulbs, solar panels, first aid stuff, car parts, paper, okay, just about anything you can imagine to survive the next recession, hell, depression. What have you got?"

"Guns and your address."

[Jflem1983]

Honestly. Ive had a lot of training. Been through some stuff that a lot people cant even fathom. Ill be fine. Bring on the depression.

[TreeGuy]

Financially we are dialed in. Even with my accident we have carried on as per usual. People wanted to setup a go fund me page for us, I was like, “no thanks, we’re good”.

We live well within our means. We don’t carry any debt besides our mortgage. We don’t try to keep up with the Jones’ and we don’t try to live some Brokanagan lifestyle we can afford.

We use YNAB to manage our money. It was really interesting, I generally am the one to do the budgeting so when I was in the hospital for 7 weeks it didn’t get done. When I got home and decided to tackle it I found that the budget wasn’t out even though the program wasn’t updated. We have budgeted for so long that it has just become the way we live.

We invest and we buy silver. I don’t expect a recession to affect us much at all. Mrs. Tree woks in an industry with a high demand for employees and provides a service that most people need. I’m not sure where I will end up but working in my industry has been steady even through a recession.

[JagXKR]

It will not be as bad as the "great Recession" of 2007-2009. But what do I know? Then again what do all the prognosticators know? About the same I would say as anyone else. There were only a small, tiny number who predicted the last one and even smaller that predicted the intensity. There are no repercussions against anyone who makes wrong predictions because the world has changed to a fishbowl filled with goldfish. Goldfish can't remember anything past a few seconds and the current "now" climate is very much analogous. So go ahead and predict away, no repercussions.

I for one am ready for it as I believe it is inevitable. But when is the real question and how deep? I was not financially prepared to take advantage of the last one but I am for the next. I never sell short but will be ready to buy once the market bottoms out and starts it's rise again. Like it has done 11 times since WWII. Up down up down up down.....rinse and repeat.

BTW the headline of the article is stupid. Do recessions really not suck?

[Jlabute]

Yup, it will. The dominos will fall in the USA, or perhaps other European states like they have in Greece. If the USA can’t repay debt and defaults on loans, the effects would be cataclysmic world-wide possibly dwarfing 2008 and 1929. Our largest trading partner would have no currency of value, stock markets have crashed, inflation has shot up with interest rates, China owns most US debt, and it wouldn’t be long before we feel the harsh reality in Canada. The USA may end being the world police and wars will spring up all over, especially in the Middle East

[JagXKR]

Ok you've convinced me.

[The Green Barbarian]

We invest and we buy silver..

What do you buy, ingots? Do you use an online broker or Scotiabank?

[alanjh595]

Toronto Dominion does it too. You have to order it and they are shipped to your branch of choice. You pay what the going price is right at the moment you buy it. I forget if there is a shipping charge or not.

[d0nb]

I was expecting things to hit the fan during the first year or two of what was supposed to be another Democrat administration. Trump is a wild card. His efforts at triage have bolstered the economy, and have increased the odds of the US successfully surviving whatever the future may bring.

The key to survival (for countries and for individuals) is the ability to become self-sufficient. Countries that have the means to feed, house and cloth their population and supply their military with the fuel, armaments, parts, etc. to secure themselves against violent overthrow by external or internal forces will do best.

It's good to be Canadian. I hope.

[1971casetractor]

I hear this all the time the next recession is gonna suck be big things will collapse blah blah blah just prepare urself.