What is a recession?

In defined terms, a recession is a period of temporary economic decline during which trade and industrial activity are reduced. This is a period in time where prices of food, goods, services, gas, etc, increase. Those are just a few of the many impacts of a recession, such occurrences as unemployment may begin to rise as people may be more likely to lose their jobs during this time. A recession can also lead to depression if it gets to that level of severity. A recession can be caused by multiple things happening in the economy, disruptions to a supply chain, etc. For another example, according to Time.com, a recession is “…two consecutive quarters of declining GDP…”. GDP stands for gross domestic product. This leads to the big question, is the US in a recession? If so, how severe is it? Will the US recession lead to depression?                                            

How does a recession affect society?

A major thing people may ask is, how does a recession affect today’s society? In fact, there are multiple answers to this question. The main issue that tends to happen to the average person during a recession is financial setbacks. In most cases, this can be caused due to unemployment. Because of this, according to Forbes.com, people may start to rely on credit cards in order to afford things. Of course, this could be an exaggeration depending on what the circumstances are. For instance, a recession may affect small businesses, restaurants, real estate, and manufacturing, more than it might others. 

Is the US currently in a recession? If so, how severe is it?

The answer to this question is yes, the US is currently experiencing a recession, although this is not the first time this has happened. The last recession the US had was in December 2007, and it lasted till around June 2009. During the summer of 2022, a recession in the US had begun. This was due to our country’s central bank having to deal with high inflammation. This basically means that our country has been having to deal with unevenly rising prices with consumers, etc. Although this is not the worst recession the US 

has experienced, according to Fortune.com, it is expected to last for the entirety of 2023. Along with this, it is also predicted to be a “…long and ugly…” (Roubini) recession. 

What are some major impacts on the US due to the repression right now?

Ever wonder why gas prices in the US suddenly started to increase rapidly? Not only is this because of the expected recession, but also because of the very high demand for gas. In regards to rising gas prices, you’ll also find that at every one of your local grocery stores, your normal groceries will be more expensive than they have ever been. This is also because of the uneven rising prices of some consumers. All of these unseemingly expensive goods are all an effect caused by the recession the US is currently experiencing.