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It's way premature to talk about a recession when the economy was going gangbusters a month ago. This Chinese government-induced viral spread has put a temporary stop to the world. America's not dead yet; it's just been temporarily grounded. When this pandemic is over, our economy will rise again to pre-COVID-19 levels and beyond. And there actually is hiring going on right now while some businesses are down.
Australia's last recession was in 1991. So anyone under about 40 has little experience of it. Unless they were based overseas in 2008/9, as my kids were.
This is going to be an almighty shock to many here, especially those who have been wishing for a recession to bring down property prices.
Most young adults in Sweden believe that the 1,000SEK banknote (~ $101USD) has outlived its usefulness. Banks are stable, real-estate is on a perpetual upswing, and most young people don't bother even carrying cash. I remember in December 1991 when Sweden abolished its 10,000SEK banknote as a holdover from pre-electronic finance. Within less than a year the Swedish banking system went into crisis.
In a banking crisis when banks are failing you suddenly realize that what most people call electronic money is nothing more than a bunch of debts held by commercial banks. The hunger for "sovereign money" grows very strong. Iceland was nearly cashless for over 20 years prior to all the banks failing in 2008.
Quote:
In autumn 1992, the Riksbank (Swedish Central Bank) raised the interest rate to 500 per cent to defend the krona. This defence failed and the krona exchange rate was floated. This dramatic development had its origin in the serious international recession of the 1990s and the side effects of German reunification. At the start of the 1990s, German reunification and the exchange of the East German mark for the Deutsche Mark at the rate of 1:1 led to strains on European currency arrangements. While the economies of the United States and the rest of Europe struggled, growth and inflation in Germany were high. This led the country to raise its interest rates and attracted foreign capital to Germany. Sweden was ill-prepared for the international economic downswing and currency storms. Competitiveness was seriously impaired and the financial system was being shaken. The downturn was exacerbated by a tax reform that made households much more sensitive to interest rates than before. The real interest rate rose from 1–2 per cent in 1991 to occasionally over 10 per cent in the following year.
I was waylaid by the 2008 debacle. I graduated in 2010. It took four years and two out of state moves to find a career-track job. It most definitely impacted Millennials.
This will mark the Millennial gen's 1st recession of their work experience. The last 2 didn't affect them because they were not within working age. This will be a real learning experience and test for many millennial works that never been forced to compete on the employer's terms. The last decade, employers had to change their hiring standards to meet the millennial worker's terms.
2008 millennials were absolutely of working age. You guys are confused with your generations.
I swear, some people have no concept of the calendar. The 1st Millennials were born in 1982, which would have made them 26 in 2008. So that means at least 4 years' worth of Millennials were directly impacted by the recession. Indirectly, several more years' worth because it took at least a few more years for the job market to recover.
As a older mellinnial I remember getting my certifications and landing a decent job in 07. Then 08 came around and the company slash my commission checks in half and ended their pension program. So left for government jobs and military. Now I'm a essential worker during this crisis and I get cheap healthcare, overtime pay, and I live way below my means. Besides being a little jealous of non essential neighbors I'm good so far. In fact I need a bigger house so I'm ready to take advantage this time
This will mark the Millennial gen's 1st recession of their work experience. The last 2 didn't affect them because they were not within working age. This will be a real learning experience and test for many millennial works that never been forced to compete on the employer's terms. The last decade, employers had to change their hiring standards to meet the millennial worker's terms.
You're thinking GenZ. Millennials are on the verge of middle age. 60% are over 30. Their kids, GenZ, are currently in high school or entering the workforce.
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The road to "cashless" is not a straight one.
