Recession. Yes, we hear this word constantly in our lives nowadays. We hear this word on the news, at home, everywhere and anywhere. But, what does this word mean?
Well, Merriam-Webster.com defines recession as..."a period of reduced economic activity" (Source: http://www.merriam-webster.com/dictionary/recession).
Sure, sure, but that's just "dictionary language." What about in everyday-when-I'm-living-my-normal-life language? Well, for some teenagers, recession can mean that your parents refusing to buy you a shiny new Ipod Shuffle or people's mood being ruined upon seeing their stocks plummet. Recession is ubiquitous and affects (almost) all of us.
Let's assess a major effect of the recession which can even impact our students' life, the credit crunch. Simply stated, a credit crunch occurs when it is harder to obtain a loan from the bank. For example, when we head off to college, it will be more difficult to get a loan because of stricter requirements and higher interest rates. Hopefully, President Obama has an effective solution for the student loans in the future.
So, the ever probing question is, when will all this end?! Alas, Adam Smith (if he were to be alive right now) probably wouldn't even know. I mean, come on, we're not fortune-tellers. Asking about the end of the recession is like asking a weatherman if its going to rain in five weeks. But, I think the real question is not when the recession will end, but what will end it.
Question of the Post: What do you think will end the recession? Leave a comment to contribute!