What happens in a recession??? do we all go poor?

Question

What happens in a recession??? do we all go poor?

Answer 1

Some people lose their jobs and many people have their salaries decreased.  Many people have to adjust their consumption, but most people don't become poor.

Answer 2

No.  A recession is when there is negative economic growth.  Usually its when a country's gross domestic product (market value of all goods and services produced in a nation) goes down for two quarters of a year.

We don't all go poor in a recession.  Business is slow during these times.  Some jobs are lost.  The economy becomes slow and one can usually see businesses not doing too well (or not as great as usual).  I think we'll rise out of this one though, we should.  This nation's been through worse and rose through problems that are bigger than this (Great Depression, other crises).

Answer 3

no in a depression the vast majority of people will go poor, but not during a recession. Keep in mind though that depending on your industry, some people continue to make money or even make more money during the down times. The only problem they may have is the inflation and things will cost more. But not everyone is pushed into financial ruin.

Answer 4

no it just seems that way the economy will improve by 2009.