I'm new here, so bear with me...
There has been all this talk about a possible recession. I am a high school senior and am currently taking economics. Now my teacher is the worst there could possibly be but he began talking about the recession and how our economy is slipping into one. I started to notice the signs everywhere. With the increase on foreclosures, the economic stimulus package, and problems with social security, the United States shows signs of a recession. I never really thought about it until a few days ago and began asking questions: How will this affect me as a young adult? And when I decided to buy a house, will it be foreclose before I have a chance to enjoy it?
I believe that young people need to know what going on in the economy. I sat in my economics class, oblivious to my teacher and what he was saying but it makes sense. We come in, sit down, do whatever we want, miss the big picture, and leave just as oblivious as we were when we walked in. We are the next generation and if we don’t pay attention, there won’t be a economy left.
It is my belief that we are actually in a recession. I can't find another job and the job I am at has cut people's hours down to nothing. Food is way to high. Gas is outragous. Bear Stearns one of the biggest banks on wallstreet sold all of their shares. it depends what president we get next. This will determine whether we will go into a depression or slowly get out of a recession. But right now it doesn't look to good. Look at who we have as president.
Something people should know about:
http://www.progressiveu.org/032913-lupus-uncureable-wait-what
I agree...we are in a recession...that being where our economy is weakening, destabilizing, and quickly sliding downhill...we aren't yet in a depression though...which is a plus...but I think it's really good that you recognized it....it is definitely something young people need to be aware of today
A recession is defined as two full quarters of negative economic growth, and that hasn't happened yet.
As far as having *your* house foreclosed upon I doubt that will happen. Read the terms of your mortgage, do NOT get an adjustable rate mortgage, and make your payments. Thats all there is to not having your house foreclosed upon.
The main effect that this will have on you will probably be that it is harder to find a job and harder to get a loan.
-m-