For those who don't know already, our beloved countries economy is rapidly deteriorating. We are currently stuck in a recession. You may find yourself eating out less and/or shopping less these days. With the prices fluctuating so much, it’s making everyone tighten up their belts. But what does our country going into a recession mean for us?
There are a lot of great things that are getting cheaper that teens love which are clothes and electronics for fashion. Cars are getting a lot cheaper which is perfect for our age group as we are starting to get our drivers licenses. We can go anywhere we want this summer since airfares are cheaper. There is always alternative energy that is getting cheaper to charge our electronics. Toys are drastically getting cheaper so it can entertain the kid in all of us. With all of these things getting cheaper, who wouldn’t want to be in a constant recession? Well, with the recession comes with the rise of food prices so if you have a goal to lose weight then now may be the perfect time. Also, with the recession here, we have to learn to take care of ourselves much better because even the price of medical care and prescription drugs are going up. As we are near graduating and deciding where we want to go for post-secondary education, a big factor that might affect our decisions is the tuition costs as they are drastically going up. As many of us are getting our drivers licenses and our own cars, we may need to think about what car we want to buy according to its gas tank. You may think the prices are expensive now but just wait a bit longer till prices sky rocket. The streets may start to fill up with garbage as the cost of getting your garbage collected has increased by 43% in the past decade, 24% in the past five years and that’s including the entire recycling program and other efforts at waste reduction. Also, as we are just two years shy of the drinking age, the prices have gone up 30% in the past decade so it’s going to cost our generation a lot more to have a drunken time. Being stuck in a recession makes a lot of families struggle and faces many hardships.
It also doesn’t help with the rise in the unemployment rate as Canada is now at 6.3% but will rise to 7.5% by 2010. Many economists like Doug Porter from BMO capital markets predict that Canada is headed into a worse recession than anyone expected, one that could last until 2010. Is it possible to say that we could be close to another Great Depression? Will it be another time of mass unemployment, starvation, and homelessness? It seems that it will be most unlikely that we will go that far. The major reason for the Great Depression in 1929 was because of there were excessive lending, and not enough money to back it up. Banks went into a cash crisis because they lent money to people who had a high risk of not paying it back. Now dazes a couple of banks have followed the same route but not enough to cause a stock market crash. Another thing was the constant reparations from Germany which caused a gradual loss of trading with Europe in general. There is nothing equivalent today. It can be a scary time but with the right planning and tactics we can come out of this on top.
CBC News. Canada to Be Hit by a Recession. 25 Nov. 2008. 19 Apr. 2009 http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/7-things-getting-cheaper-7-that-are-not.aspx?Gt1=33009?slide-number=14.
There are a lot of great things that are getting cheaper that teens love which are clothes and electronics for fashion. Cars are getting a lot cheaper which is perfect for our age group as we are starting to get our drivers licenses. We can go anywhere we want this summer since airfares are cheaper. There is always alternative energy that is getting cheaper to charge our electronics. Toys are drastically getting cheaper so it can entertain the kid in all of us. With all of these things getting cheaper, who wouldn’t want to be in a constant recession? Well, with the recession comes with the rise of food prices so if you have a goal to lose weight then now may be the perfect time. Also, with the recession here, we have to learn to take care of ourselves much better because even the price of medical care and prescription drugs are going up. As we are near graduating and deciding where we want to go for post-secondary education, a big factor that might affect our decisions is the tuition costs as they are drastically going up. As many of us are getting our drivers licenses and our own cars, we may need to think about what car we want to buy according to its gas tank. You may think the prices are expensive now but just wait a bit longer till prices sky rocket. The streets may start to fill up with garbage as the cost of getting your garbage collected has increased by 43% in the past decade, 24% in the past five years and that’s including the entire recycling program and other efforts at waste reduction. Also, as we are just two years shy of the drinking age, the prices have gone up 30% in the past decade so it’s going to cost our generation a lot more to have a drunken time. Being stuck in a recession makes a lot of families struggle and faces many hardships.
It also doesn’t help with the rise in the unemployment rate as Canada is now at 6.3% but will rise to 7.5% by 2010. Many economists like Doug Porter from BMO capital markets predict that Canada is headed into a worse recession than anyone expected, one that could last until 2010. Is it possible to say that we could be close to another Great Depression? Will it be another time of mass unemployment, starvation, and homelessness? It seems that it will be most unlikely that we will go that far. The major reason for the Great Depression in 1929 was because of there were excessive lending, and not enough money to back it up. Banks went into a cash crisis because they lent money to people who had a high risk of not paying it back. Now dazes a couple of banks have followed the same route but not enough to cause a stock market crash. Another thing was the constant reparations from Germany which caused a gradual loss of trading with Europe in general. There is nothing equivalent today. It can be a scary time but with the right planning and tactics we can come out of this on top.
CBC News. Canada to Be Hit by a Recession. 25 Nov. 2008. 19 Apr. 2009 http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/7-things-getting-cheaper-7-that-are-not.aspx?Gt1=33009?slide-number=14.
CBC News. Canada Heading for Recession. 6 Oct. 2008. 19 Apr. 2009 http://www.cbc.ca/money/story/2008/10/06/recession.html.
Melcher, Joan. 7 Things Getting Cheaper, 7 Things That Aren't. 10 Apr. 2009. 19 Apr. 2009 <http://www.cbc.ca/money/story/2009/10/05/recession.html>.
Pym, Hugh. Are We Close to a Great Depression? 17 Apr. 2008. 19 Apr. 2009.
Pym, Hugh. Are We Close to a Great Depression? 17 Apr. 2008. 19 Apr. 2009
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