Does anyone know whats going to happen?

Question

If the economy is in a decline, does anyone actually know what it is that's supposed to turn it around?

because the banks say at least a year before it gets any better?

Answer 1

Recessions have a life of their own, usually about 3 years.

So many people are predicting based on that.

Nobody really knows for sure, of course, but the 3-year duration is reasonably accurate most of the time.

Answer 2

eventually we will get so deep in debt that we will be borrowing more and more every year till we just cant anymore and we will go into complete and utter chaos

Answer 3

I hoping the house prices will crash so I can buy, buy, b uy.

Answer 4

Usually when things have deteriorated so far that they cannot go any further they will start to improve. When people all start talking about going into recession it becomes self-fulfilling. When people are worried they stop spending or spend much less. They want to save for troubled times ahead. Reduction in spending reduces demand, which creates unemployment. This creates a reduction in incomes which means less disposable income to spend, and so on spiralling downwards. Governments can help by increasing their spending to generate demand and reverse the cycle.