There is an interesting article over at Fortune magazine called “A recession of biblical proportions“. It takes an interesting look at saving and spending trends during downturns and notes that this recession is different than others in that we are now saving during the downturn as opposed to using previously saved funds to get by. It notes that during the boom times that we have experienced over the last X number of years that our savings rate was nearly zero and even hit the negative number at one point. Now that people would need to lean on their savings to get by, it isn’t there for them.
It’s an interesting read!
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the Economic Recession has been pretty hard on us. some of my friends lost their job because of the massive job cuts. i just hope that our economy becomes better in the following years.
the economic recession has been pretty hard on us. there is some good progress on the economy this year. i just hope that the economy will continue to recover in the following months and years.
i am hoping that the global economy would recover from this economic recession. life has been very hard with these massive job cuts.