Think of this as a seeded discussion thread.
The media--and John--have been doing a lot of reporting lately on the pending recession, downturn, crisis, catastrophe, apocalypse...In the past, when the U.S. economy has taken a downturn I've wondered, are most people really directly affected by the downturn or do people perceive an effect due to the intense coverage.
For example, while I see higher gas prices, and higher food prices, and houses sitting on the market longer, and I hear stories of job insecurity, these things have little direct affect on me. I'm lucky enough to have a secure job and a household income that can serve as a short term buffer to higher prices. Who knows what will happen in the long term, but as of today, the current economic situation hasn't had any noticeable effect on my family's day to day consumption behavior.
So I'm wondering, how many people are directly affected by a recession?
Please don't read any intent into the question. I know I am cynical and sarcastic at times, but in this case, I really am interested in knowing whether the effects of a recession are the consequence of direct economic impacts on individuals or a reaction to perceptions.
Let me know in the comments.
