How has past recessions affected your every day life? Or did they even hurt at all?

[work2play2]

If you are over 40 you went through several recessions in your life. Even if you are 30 you went through one bad one. Did you notice anything you had to change in your life? The last 2 were 2001 and 2008. I dwell, study, and worry about recessions. But then it hit me. I wonder if you don’t watch the news of any kind or any internet stock market sites if you even know there’s a recession and it’s business as usual? How has the recessions hurt you your family and people you know? I’ll go first

2001 I was in high school but to my knowledge this was mild and really didn’t hurt many people around me at all. Most may not even know we had a recession then. 2008 didn’t hurt me personally or my family. But I knew people in the grading business and it made them go out of business.

I own a different type of business now. Not sure if it’ll hurt me or not. But I made a pact with myself no more news media. Even my go to website CNBC.com

Now you go...

 

[Batjack]

What? You mean that there's been a recession before? I started working in '75 / full time in '83 never noticed. Is there supposed to be one now?

 

[Ruger#3]

The Carter years of stagflation were pretty rough. Credit was difficult to acquire and the interest rates prohibited most from using credit.

Home mortgage loans were unaffordable for many as the interest rates were so high.

 

[sinclair1]

The last recession set us up for life. I am preparing again to take advantage of the next one.

The only thing to know about a recession is Americans have short memories and will repeat stupity the very next year after a upswing.

 

[Nicodemus]

If I hadn`t been told, I would never have known. If any of them affected me, I haven`t realized it yet.

Kinda like Daddy said about the Great Depression. If somebody hadn`t come by and told him, he would have never known about it. It didn`t phase him one bit.

 

[ugajay]

2001 my dad lost his job during that recession. Just so happened I had turned 16 and had started working weekends and after school at a tire shop. Made me feel good to help out financially with my first official job. I was in college during the 2008 one and it didn't really affect me. I was already a broke college kid

 

[LTZ25]

The later part of Bush and Obama years cost me around 250 thousand out of pocket . I had a crew to pay and they never missed a full paycheck . Thats just the lost money don't count the business that did not happen . But I survived and was able to retire 18 months ago .

 

[Jeff C.]

There was plenty noticeable if you knew what to look for in the populated areas
In the 2008 recession, which actually began in 2006 there were lots of lost jobs, construction industry more or less dried up, businesses closed, etc., it was the real deal. 2006-08 was the housing bubble.

2001 was short lived and barely noticeable. That was caused by the Y2K scare.

 

[sinclair1]

I don't remember 2001 lasting very long. We were just married and my wife was a hotel project manager and lost her job about three weeks after the planes hit. I picked up my new Ranger bass boat I ordered sept 13th and did worry some but ran with it instead of losing my deposit.

Seems like she had a new job in about 2-3 months and we bounced right back. That little stretch taught me to prepare for the worst, so ever since we have never extended past one of our salarys ability to pay.

 

[Jeff C.]

I don't remember 2001 lasting very long. We were just married and my wife was a hotel project manager and lost her job about three weeks after the planes hit. I picked up my new Ranger bass boat I ordered sept 13th and did worry some but ran with it instead of losing my deposit.

Seems like she had a new job in about 2-3 months and we bounced right back. That little stretch taught me to prepare for the worst, so ever since we have never extended past one of our salarys ability to pay.

You are correct, there was 2 brief periods of employment dips, relatively minor and only lasting several months each.

 

[jigman29]

When I was a kid in the 90s my folks could barely pay the bills and buy groceries. Mom and my stepdad cussed Bush every day for the shape they were in and how they could barely make it. After that the economy was booming and they were barely making it and blaming it on something else.
I realized early on if you are smart with your money and are never too good for any job you will make it through the lean times. I don't think I have ever missed a day of work during the last one that wasn't my own decision.
I see folks now buying houses and cars they can't afford just like last time so were gonna hit another one and people won't learn from it either.

 

[BeerThirty]

I graduated college with a business degree in ‘09 right after the housing bubble. It was really, I mean REALLY hard to get my foot in the door somewhere. I believe I applied for over 90 jobs. Bet 10% or less even called me back. Was told by several HR people that rejected me that there were just too many people out there with more experience. Out of desperation I took the first offer and that job has been instrumental in getting me to where I am today.

 

[Fuzzy D Fellers]

I didn't work for 7 months.. in 2009 into 2010... been with my current employer nine years. So i guess it all worked out.

 

[KyDawg]

The recession of the Carter years, pretty much ended the small business and my Dad ran. I had to go on the road to shake the money tree, and ended up in Kentucky. Bad in that I left Georgia, good because I make a good living, and was able to retire comfortably 10 years ago.