Most of the countries all over the world are experiencing this phase of economic recession termed “Global Economic Recession” by financial analysts. Economic recession is the new hit song topping the charts the world over. Most companies have already been relegated to the league of financial bankruptcy. Many companies as well as countries have become bankrupt or are on the verge of it. Millions of people have lost their jobs, families have lost their homes, and most importantly bread winners have turned to bread losers. Many people have lost millions and billions of dollars. People in general are scared and fearsome. This is not the first time that the global economy is going through recession and this is also not going to be the last time. The United States of America, the fulcrum of the world’s economy had experienced several depressions before the stock market crash on October 27, 1929, none had been as severe or as long lasting before “Black Thursday” struck Wall Street. There is a pattern involved in it. On an average it is happening after every 8-10 years. This article has been written to highlight some of the issues involved and some of the possible solutions one can adopt to survive this hard time.
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Before I proceed, I want us to check the meaning of the term recession. According to Oxford Advanced Learner’s Dictionary “Recession can be explained to mean a temporal decline in economic activity or prosperity.” It is said that “the solution to a problem lies in the problem.” Let’s borrow some few moments from history by analyzing the great depression of 1929-1939. The Great Depression took place from 1930 to 1939. During this time the prices of stock fell 40%. 9,000 banks went out of business and 9 million savings accounts were wiped out. 86,000 businesses failed, and wages were decreased by an average of 60%. The unemployment rate went from 9% all the way to 25%, about 15 million jobless people. No one knew how best to respond to the crisis. President Hoover believed the dole would do more harm than good and that local governments and private charities should provide relief to the unemployed and homeless.
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By 1931, some states began to offer aid to local communities. Franklin Delano Roosevelt, then governor of New York, worked with Harry Hopkins and Frances Perkins to begin a direct work relief program. This helped only a very few. By 1932, only 1/4 of unemployed families received any relief. In 1932, only 1.5 percent of all government funds were spent on relief and averaged about $1.67 per citizen. Cities, which had to bear the brunt of the relief efforts, teetered on the edge of bankruptcy. By 1932, Cook County (Chicago) was firing firemen, police, and teachers (who had not been paid in 8 months). Breadlines and Hoovervilles (homeless encampments) appeared across the nation.
We already know that the following factors are the cause of the present economic conditions:
– Credit crunch – shortage of finance.
– Falling house prices – related to shortage of mortgages and credit crunch.
– Cost push inflation squeezing incomes and reducing disposable income.
– Collapse in confidence of finance sector causing lower confidence amongst ‘real economy’
Well there is nothing to fear about, as we all know “tough times don’t last”. Racing back through time we’ve had 7 recessions since 1967. The present one we are in is said to be the worst in history, but regardless, recessions are normal part of the ebb and flow of the US and world economies. The economic cycle always has its ups and downs, if this downswing turned out to be worse than any previous one, the reason must be sought in the profound structural changes heaped on top of a normal cycle.
I strongly believe that there is a reason for everything and I believe the reason for these recessions is to remind people that they are living above their capabilities. In past years people have lived on credit, borrowed off their future, purchased irrelevant things in order to keep up with their fake lifestyles and have ended up watching as they are losing everything they have. Now that the recession is here, what is happening? People are now blaming whoever they like for the cause of the recession.
There is no need to lay down in defeat, we have to pick ourselves up and prepare to forge ahead. According to Isaac Newton’s third law of motion “For every action there is an equal and opposite reaction.” And I have paraphrased it into “For every economic recession there is an equal and opposite opportunity.” All that is left is for you to identify the opportunities and utilize them.
Here are the tips for dealing with the storm called economic recession.
1. Be aware of it
To be forewarned is to be forearmed. Preparation is the best weapon. This means when you have a premonition about something, you should be fully prepared for it.
2. Save up
One of the best ways to stay financially stable at all times is to save your money and to spend wisely. You always have an emergency plan for the rainy day.
3. Avoid wastage
Wastage is a sin before God and man. Jesus Christ demonstrated this when he fed the multitude. He told his disciples to gather up the remaining fragments after feeding the multitude so that none should waste. You can’t become rich by lavishing what you have.
4. Creating an extra means of income
If you depend on a single means of income for survival you are definitely going to be the worst hit anytime. Having multiple streams of income is one of the sure ways of living comfortably in times of harsh economic conditions. Starting your own home based business is one of the major ways of creating extra income. And it is easier than you think if you focus on something you’re a specialist or interested in, and are willing to learn. Home businesses are becoming more and more popular with the rising cost of gas, fewer people wanting to commute and people wanting to become their own boss. Selling a product or information is an excellent way to start a home business. Find a product or service that you like and start selling. The more sales you make the more money you get.
Conclusion
I believe that this article will be highly beneficial to the readers. We are facing serious hard times and the only saving grace is what you know, because “information is power”. You can’t blame anybody for what you are going through right now. It’s just a phase it will pass along soon.
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