Our economy is in a will-they-won’t-they relationship with the next big recession. The stock market is officially in bear market territory (meaning stocks averaged a 20% decline from their high). The Fed hiked the benchmark interest rate by three-quarters of a percent, which is the highest increase since 1994. Inflation is being felt everywhere — even when I get my latte. And there seems to be a wave of mass layoffs.
So “guess who’s back, back again…” with some unsolicited advice for those who weren’t working during the last big downturn. Each recession is unique but tends to strike some fear in our hearts, particularly about job loss. In the Great Recession of 2008-2009, long-term unemployment (defined as 26 weeks or longer) soared from about 20% to 45%, according to the National Bureau of Economic Research. This generally makes it harder for people to pay bills, which leads to consequences such as repossessions of cars, foreclosures on homes or evictions.