I'm a student in the US enrolled in college, studying politics and economics. I carefully picked my school based on financial aid and had the scores to secure me a good package, and I am doing okay for the moment. I don't have extra money, but my bills get paid. I'm very concerned about how I will do after I leave school, especially if our economy is in a recession/depression.
My single mother is a homecare RN, and I can see the stress building in her. I hear about prices rising all over and know that real wages for most careers haven't increased in decades.
Pretty much all signs show we are heading into a recession. I watch the FED announcements, and they are avoiding and in denial about the state of the world. They continue to accept how high prices are (over inflation) content with their numbers and calculations.
Altogether, it feels like we are not doing well. However, I am only on the outside looking in.
So, how are you doing right now? How does your current situation compare to past recessions (2007, 2001, or farther back)? Have people been losing their jobs more frequently?
Most importantly, could you survive a big and prolonged recession (or perhaps depression)?