General Question

seawulf575's avatar

Do you believe a recession/depression is coming for the US and, if so, are you doing anything to prepare for it?

Asked by seawulf575 (14288points) 1 month ago

As asked

Observing members: 0 Composing members: 0

17 Answers

JLeslie's avatar

I think a recession is likely. I’m preparing (psychologically) to buy some real estate if it feels like just an economic cycle. My dad keeps prodding me to buy stocks.

If I really get nervous about the country going to hell in a hand basket regarding civil rights, civil unrest, and the vote getting totally screwed, I’ll be seriously considering leaving the country. I probably should put some money off shore now. Not to evade taxes, I’ll declare it, but to have access if I need it. I haven’t really seriously thought about all of it, but it is in the back of my mind.

At this point and time in history it is so much more than just economics.

Brian1946's avatar

@janbb

”...I’ll be seriously considering leaving the country.”

If that happened, to what country do you think you’d move?

janbb's avatar

@Brian1946 I think about it and in actuality, I think I’m too old and have too many friends where I live, to really leave this country. But if I do decide it’s necessary it would probably be Victoria, BC if Canada would have me or England which I love and have family in. (Of course, the UK has its own problems but it’s not teetering on the edge.) I have a nephew in Victoria.

Brian1946's avatar

@janbb

I can’t imagine why Canada wouldn’t have you.

I have US/Canadian citizenship, but no money. If there’s an American Schindler….

Whoops, I meant to address my question to @JLeslie. :/

Tropical_Willie's avatar

Recession maybe; depression NO!

Blackwater_Park's avatar

It’s hard to say. The official definition is that GDP must fall two consecutive quarters to be a recession. Q1 was negative. We are not there yet but we are sure treading in water near it. I’d expect it will be official when Q2 numbers are available. We are probably in one now, it has just not been “announced.”

Things have been expensive recently but that trend is about to reverse. Everything is about to go on sale. Good time to scoop up investments if you have the means, be it $50 or half a million. It will be time to buy soon.

JLeslie's avatar

To follow up on technical definitions, I think depressions usually have widespread sustained unemployment, and I don’t think that will happen, not during this cycle. Actually, an economic slowdown might help slow inflation and some of the frustrations in the country regarding finding employees, flight cancellations, and some other things.

@Brian1946 I don’t know for sure. Some countries you can buy citizenship and/or residency, but it can be very expensive. Some countries you can go on a 6 month tourist visa and then hop to another country.

My husband is Mexican, so we can go there. My husband and mother both say Canada.

Portugal, Spain, Greece, Cyprus have some opportunity for people seeking to relocate. Possibly, my husband could get into to Portugal or Spain easier with the Sephardic Jewish thing. Also his mom is half Spanish, but I’m not sure if that matters.

The thing is, you have to be ready with a plan. You have to do the research now, and I haven’t done much.

People say to me we (the big we, not just me) need to fight for our country, but when you are in one of the groups that is targeted as subhuman or as a corrupting factor, then you can wind up dead, or completely silenced, and then you can’t fight.

WhyNow's avatar

@JLeslie ‘civil rights, civil unrest, and the vote getting totally screwed’
This the ‘recession’ that will make you abandon the country? OK!

JLeslie's avatar

@WhyNow Feeling like my life and my freedom are severely threatened would make me seriously consider leaving. Let’s see what happens next.

Jaxk's avatar

I’m pretty sure we are already in recession. Most forecasts I’ve seen show negative growth for the second quarter as well. That’s a recession. We have supply chain problems and demand problems. We have low unemployment but as business prepares for recession they are likely to start trimming costs which will increase unemployment. I think we can head off any further erosion but we’d have to change our economic policies and I don’t see that happening. The problem with inflation isn’t likely to slow since the shortages are in things we can’t really cut back. Inflation is driven by higher demand or lower supply The demand is in things like gas, food, and other necessities. We can’t really lower demand so supply has to rise lest inflation will continue to rise. Meanwhile the Fed keeps printing money which only exacerbates the problem.

I’m hoping the midterm elections may provide some relief but frankly I think that’s wishful thinking. If we don’t change course until after the 2024 elections it will be too late and we will be looking at a severe recession/depression.

Smashley's avatar

Recession is certainly coming, after that….. is uncertain.

Either way, I’m buying property now, because I need to and waiting probably won’t help.
Either way, I’m investing in my business now because rates are still low, and inflation ain’t going the other way.

Demosthenes's avatar

Yes. As others have said, it seems to already to be here.

It is not likely to change anything about what I am doing, though I am in a precarious position of currently trying to secure full-time employment (a new position just opened up). So if recession leads to layoffs, I may be in trouble.

RedDeerGuy1's avatar

Yes. However it won’t be much worse than 2007 or 1929. It will be followed by a boom cycle. I heard that people have extra money not spent during Covid, and will go on a spending spree when the threat is over or contained.

I don’t have a link but my local news stated that because of the lockdowns air pollution has temporarily disappeared in some countries like China.

filmfann's avatar

We are probably in a recession, but we won’t have a depression as long as the unemployment rate stays so remarkably low.
What should worry us? If home values fall drastically. That could set off a correction into depression.

Inspired_2write's avatar

A Market Analyston our Tv news the other day first stted that WE ( Canada) was already in a Recession, the very next day he changed his mind and stated that in 6 months time we WILL be in a recession!

If the U.S. goes into a recession don’t you think that other countries would also.
In our Tourist Town the Grocery bills are sky high as well as the Gas prices too plus Hotel costs too…everything to grab the Visiting Tourists ( and Locals) money.

I stopped purchasing overpriced Foods as meat products at $35 ( used to be about $10 CDN).
In fact I have stopped purchasing unreasonably priced goods in protest,after all the price comes down in short time after NO one buys it and the store doesn’t want the food to spoil, so they knock the price down eventually.

Stop purchasing overpriced goods and whatch what happens a a result..the store loses in the end and lack of money talks on there profit margins.

These stores are palying Russian Roulette which will hit them in the face when Summer is over and they have NO tourists to but there products as by then people would had turned to Farmers Markets instead.

Smashley's avatar

@Inspired_2write – don’t underestimate desperation. Tourism based business have been choked out by federal policy for 2+ years, while costs for everything, fuel, rent, insurance, food, staff, have all gone up over the same time period. Yes, it is probable you will eventually see an overall reduction of quality and selection to meet consumer price demands, but it won’t feel like a good thing when it happens. Farmers markets will continue to be the only places around with high quality affordable food.

Answer this question

Login

or

Join

to answer.

This question is in the General Section. Responses must be helpful and on-topic.

Your answer will be saved while you login or join.

Have a question? Ask Fluther!

What do you know more about?
or
Knowledge Networking @ Fluther