For CA in particular (expenses, debt, mortgage, money)

[californian27]

https://www.yahoo.com/finance/news/n...200000007.html What does this mean for me? I make under 18 at my job atm. Will jobs be harder to find? I see inflation stuff already like gas stations (sometimes going down). How bad wil this be compared to, 08? What about dare I say the Great Depression?

[ChiGuy2.5]

Originally Posted by californian27

https://www.yahoo.com/finance/news/n...200000007.html What does this mean for me? I make under 18 at my job atm. Will jobs be harder to find? I see inflation stuff already like gas stations (sometimes going down). How bad wil this be compared to, 08? What about dare I say the Great Depression?

I would hope that we would never reach another Great Depression. Our economic policies and certain federal agencies (E.G. FDIC) exist to prevent something like that from happening ever again. Sort of like I would hope we never have another WWII. Humanity has grown a lot since those happened.

Even the great recession of '08 was unbelievable but that was a side effect of new mortgage policies that were being pioneered.

As for this time, it's hard to tell exactly what will happen or how bad it will be. We have had quite a few extraordinary events leading up to this. A pandemic, massive injections of cash into the economy in the way of covid relief funds, continued quantitative easing, and war are all ingredients in a recipe that we haven't yet combined to try. It could be terrible, or we could end up unscathed. It hasn't been an easy economy already but it's sure to get worse.

One thing I can say for certain, we are headed for a recession. How bad it is will depend on global factors and what we do to counteract it. A recession is literally defined as being a loss in jobs, slowdown in production, and loss of real income (through inflation typically). We are experiencing 2 of the 3 already with jobs being the remaining indicator of strength.

So how can you prepare? It's likely we will lose jobs so update your resume and learn a skill. It's likely inflation will continue, so increase your income, save some money for a rainy day, and lower your expenses. At $18 an hour you shouldn't have a hard time finding a higher paying job, I'd start looking while they are available. Hope that helps.

[Retroit]

I predict the worst. Could you afford https://www.usdebtclock.org/# debt per citizen/taxpayer?

[EDS_]

Originally Posted by californian27

https://www.yahoo.com/finance/news/n...200000007.html What does this mean for me? I make under 18 at my job atm. Will jobs be harder to find? I see inflation stuff already like gas stations (sometimes going down). How bad wil this be compared to, 08? What about dare I say the Great Depression?

During recessions jobs become more hard to find, every time.

I'd say there's about a 3% chance this recession will be as bad as '08 and about 0.1% chance it'll be anywhere near The Great Depression.

As best you can pay off any debt and save cash. If you can only do one save some cash. Get a second job whatever.

[foulball]

Originally Posted by Retroit

I predict the worst. Could you afford https://www.usdebtclock.org/# debt per citizen/taxpayer?

I owe $247,882? First, show me the promissory note with my signature on it.