We are facing a new recession ten years after the previous one...

[aoluain]

Everyone I know is earning less now than before the last recession 2008/2009, I can vouch
for what the OP is saying on that point.

"Everyone I know" is not a valid argument in any conversation because it has a small-sample error. "Everyone you know" most likely is from the same country, most likely from the same region, most likely with symilar education level etc. Also "Everyone I know" is impossible to verify, impossible to challenge and impossible to discuss further.

The only thing I can say here is - Everyone I know is earning more now than before the last recession 2008/2009.

Also you did not mention if you are talking about lower salary or lower purchasing power of salary.

I agree somewhat, eventhough it's a small sample we are definitely not isolated. I have listened
to reports over the the years and recently which state that low to middle earners have not seen
the same salaries as prior to the last recession.

True, there are sectors which have had handsome wage increases but I would argue they are not
the majority. We are not called the "squeezed middle" for nothing. We are the majority so we feel
it the most.

I tried looking for some evidence of this and can only find the average wages over the last 12 years
in my country, bear in mind that almost 50% of the population live in or around the capital.

The chart shows that wages have increased by €1000 over 12 years "average"

https://www.statista.com/statistics/416212/average-annual-wages-ireland-y-on-y-in-euros/

[EarnOnVictor]

Over the past years we had faced an economic growth considering that interest rates had started reaching lows and people had started spending money.
The last months, possibly during summer 2022 and some months after Putin's invasion to Ukraine we experience a new recession, almost ten years after the previous one.

You need to check your fact well before writing, the last global recession was over a decade ago and it was in 2009. I was surprised to read most of what you wrote, including the lowering of interest rates when inflation is high. Who does that? Interest rates are being hiked during the inflation periods as the world is experiencing right now. Specifically, within a year, the US increased the Federal Funds Rate from <0.25% to between 3-3.25%. This is a huge hike and all the notable countries of the world are doing the same as well.

[livingfree]

The salaries that are increasing are those jobs that are having hard time to have people applying for like in Mcdonalds and other the same chains. They're increasing their hourly pay rate because they need more people to work for them but only a few applies for it.

But globally, it's true that many jobs don't get the salary increase as they're also struggling as they've just gotten now after 2 years of being stuck with the covid-19 protocols and suspension of those businesses that are non necessary.

As we deal with this hard times, we have to be smart in how we spend our assets and savings and as well as be wise with our expenditures.

[Tytanowy Janusz]

The chart shows that wages have increased by €1000 over 12 years "average"

https://www.statista.com/statistics/416212/average-annual-wages-ireland-y-on-y-in-euros/

So I was right about small sample error.

"Everyone you know" most likely is from the same country, most likely from the same region, most likely with symilar education level etc. Also "

You only needed to cross the Ireland/UK border to have complete oposite view. Because average salary there pumped by 20% from 2008. - https://www.statista.com/statistics/1002964/average-full-time-annual-earnings-in-the-uk/
Pumped by 16% in germany - https://www.statista.com/statistics/416207/average-annual-wages-germany-y-on-y-in-euros/
by 25% in France - https://www.statista.com/statistics/416204/average-annual-wages-france-y-on-y-in-euros/
by 42% in USA - https://www.statista.com/statistics/200838/median-household-income-in-the-united-states/

[Betwrong]

I think we are to wait until next month when US congress will be taken over by the Rep which seems the Reps are sure about it.
~

Regardless of what Reps are sure about, let's hope it won't happen. The last thing you need during an economical crisis is a political turmoil in the world's most powerful country. I'm not trying to say that if Reps win, it will be an apocalypse, but I really doubt they can manage the situation better than Democrats.

[Kakmakr]

The problem is..... every recession has a trigger event and in this recession the trigger was the Covid pandemic and on top of that the Ukranian/Russian war. Now, the question is.... how do you reverse the impact of these triggers, when the war is still having an influence over the Oil price and people are still out of jobs as a result of all the Covid lock downs.

The global economy can only improve, when you create new jobs and if you can find alternative resources for the Oil that are not being sold to the European countries and also if you can increase Wheat/Sun flower production in other countries.  

[Hydrogen]

There have been many events claimed to be potentially apocalyptic over the years. At the turn of the millennium there was the Y2K bug. In the 1970s it was peak oil. More recently we have 5G, climate change, aliens and zombie apocalypses. It takes time and energy to dig through the mass hysteria to pinpoint what the actual cause of our current crisis is. Most lack the time and will to try it. Not knowing the origins story of our current crisis, makes it easier for us to support everything causing the crisis. An improved emphasis on knowledge and information are the only keys to addressing current crisis and preventing future crisis.

I for one am very glad people are not simply supporting trendy proposals like they used to. We are definitely beginning to pay more attention to current events. Skepticism and critical thought are on the rise. Many issues are being broken down logically and rationally. Its refreshing and great to see. It used to be impossible to get people to take topics like the deficit and national debt seriously. We are beginning to recognize the importance of supporting the right policies to maintain a stable and robust economy.

Most of the questions I have seen people ask about wages and economic conditions can be answered with a few keyword searches. It seems as if googles search engine never truly gained mass adoption. I hope people realize there are many alternatives to google search. Many of which work better atm.

[virasisog]

As we deal with this hard times, we have to be smart in how we spend our assets and savings and as well as be wise with our expenditures.

Changing our lifestyle is the only thing we do particularly our spending habits. During this recession, we have to feel how these poor people survive without bothering themselves to complain. I know we can do it, yes indeed we need to sacrifice some things otherwise, we're totally broke and hopeless. At this time, we need to know how to prioritize the things that we need...and learn how to become thrifty.

Changing our lifestyle would be the most challenging thing that we have to do during this period. From buying the things that we want, we must buy only the things that we need including our commodities, and focus on saving in case we reach the recession period.
If we'll not take control of our finances, we could possibly suffer more if ever the prices of our primary necessities would increase much as possible, we better look for more job opportunities so we can earn higher to sustain our living. A single and minimum-wage job isn't enough during this crisis.

[_BlackStar]

On the other hand, I cannot see any increase in salaries and see that we are in a stable economic situation. Having said that, the purchasing power of consumers is decreased, and inflation keeps increasing in rates.

I'm not denying that, it's a fact shared by all government employees. Honestly I don't know what's causing the government not to raise salaries for its employees, it's been getting them having a really bad inflation impact lately.

I can imagine how the life of the non-employees who survive this inflation, it's really bad in my opinion. The percentage of poverty will continue to rise and unemployment due to layoffs as well, so the problem will be very complex when the government fails to prevent the impact of inflation and recession.

This painful situation has a major impact to all aspects, even cryptocurrencies. The crypto market is not going to recover if the economic situation is not going to be reversed. This stems from the fact that neither investor not crypto startups will take the risk to invest money right now.

Convince yourself, the best possibilities will be in the crypto market. So don't just think about negative things due to the impact of current economic conditions, in fact ATH will not happen every year in a row.

[justdimin]

eventhough it's a small sample we are definitely not isolated. I have listened
to reports over the the years and recently which state that low to middle earners have not seen
the same salaries as prior to the last recession.

True, there are sectors which have had handsome wage increases but I would argue they are not
the majority. We are not called the "squeezed middle" for nothing. We are the majority so we feel
it the most.

I tried looking for some evidence of this and can only find the average wages over the last 12 years
in my country, bear in mind that almost 50% of the population live in or around the capital.

Unfortunately there aren't enough money to create a gap between low-medium and then high earners. People are moving towards a world where the owners would make as much as possible, but the employees are close to each other. Long gone the days where you would live a good life if you studied in college, or have some expertise in a field, everyone is making close to each other these days.

In my nation someone with minimum wage and someone who makes 4x more than minimum wage do not live a very different life, one cares about their money a bit more of course, but the other doesn't live like kings neither, it's definitely very close.

[roslinpl]

We had face the same painful dump during the year of 2017 and more in 2018.After some struggles,the price of bitcoin was Upto the maximum reach to the 10k dollars.After the new all time high of 21k dollars,their was huge pump in the price of bitcoin.The price of bitcoin tends to increase to the next level of 40k dollars.New people get into the trading after the 40k dollars.So the price of bitcoin was increased Upto the value of 65k dollars.It’s hard to view the 40k dollars for now due to huge dump.

[livingfree]

As we deal with this hard times, we have to be smart in how we spend our assets and savings and as well as be wise with our expenditures.

Changing our lifestyle is the only thing we do particularly our spending habits. During this recession, we have to feel how these poor people survive without bothering themselves to complain. I know we can do it, yes indeed we need to sacrifice some things otherwise, we're totally broke and hopeless. At this time, we need to know how to prioritize the things that we need...and learn how to become thrifty.

Yes, if the others can do it with living frugally. Well, we can also do it and we just have to adjust with the lifestyle that we're living.

If it's not sustainable, you better downgrade your way of living so that you'll still be able to make your ends meet and have your basic needs.

Spend on most important things and the basic needs, if you can't afford it, don't buy it and don't loan for it because you're making the situation tougher and I've been there and experienced that so, a big lesson has learned.

[STT]

Include unaccounted for inflation and we've been in inflation alot longer then just recently.  Certainly, ask any common worker if they have become richer during times of apparent GDP growth and its very possible they inform you no, their income has dropped relative to costs.   The biggest mistake to make is take all government statistics as a reflection of what exactly is going on, they will state growth with reference to political objectives and nobody is going to argue with what appears to be growth if ignoring the large amounts of new money circulating.
  The only reason for wider confusion is society has benefitted from technology usage which helps lower costs some, otherwise the situation would have been more obvious a while back.

[samcrypto]

We had face the same painful dump during the year of 2017 and more in 2018.After some struggles,the price of bitcoin was Upto the maximum reach to the 10k dollars.After the new all time high of 21k dollars,their was huge pump in the price of bitcoin.The price of bitcoin tends to increase to the next level of 40k dollars.New people get into the trading after the 40k dollars.So the price of bitcoin was increased Upto the value of 65k dollars.It’s hard to view the 40k dollars for now due to huge dump.

That was a crypto bear and not an economic recession, though it’s pretty similar but with crypto we are on a different level right now. The recession 10 years ago was the reason why Bitcoin created if I’m not mistaken and now with the possible recession, Bitcoin is already here and trying to stay above the support level. There’s a lot of instances that made this recession more worst, as many countries suffers with higher debts and inflation, this can result to a longer bear trend and that could affect crypto market.

[wiss19]

The increase in the price of gas are not new but it already happened during the war of Ukraine and Russia due to sanctions and for the increase of the price of toilet papers, it started during the peak of covid 19.

We feel a relief last time but nowadays maybe the issue is happening again and that is because of the recession. Increase in salary can depend on your employer. If they are kind and they are aware that there are economic crises then they will increase the salary of their employees. If not then you can try to do a side hustle if you really want to increase the income that you are currently receiving. A lot of us may skip investing in crypto for now because we already invest some before and maybe some will only sell to have some money with them.

[Haunebu]

Wrong op. A new recession isn't here yet though it's pretty close. Musk isn't God or something which is why I have no idea why gullible fools like you think that he can foresee the future or something just because he is the richest person in the world currently.

Also, many popular cryptocurrencies like BTC, ETH etc will recover once the global economy recovers which is inevitable at some point in the future.

[G_Besar]

I agree - people just went crazy for the purchases. I doubt why don't people use water instead of toilet paper. It saves so much money and its more effective.
I have seen people filling trolley and running for the toilet paper - it was crazy for us - because we use water. haha

Everyone has a choice that they think can be very good even if it's not necessarily good for you or for you personally for that matter. And maybe some people prefer to use toilet paper because they think it's more effective even if it's not more effective for you personally. I still think it's natural that some people go crazy over buying, because maybe they remember the lowest price they've seen in the market but don't have time to make a purchase, so try to make a perfect purchase another time even though the price has changed.

[Betwrong]

~ Also, many popular cryptocurrencies like BTC, ETH etc will recover once the global economy recovers which is inevitable at some point in the future.

This is what matters the most, but unfortunately many people start panicking, and spreading panic around the world.

As it always happens after each and every crisis, the global economy will recover and will reach even higher level then before. And the same will happen to BTC and ETH. Expect new ATHs, not the end of the world.

Those history‐doomed regimes like Iran's, North Korean's, Putin's and such are on the verge of collapse, and they want the whole world die with them. But this is not what's going to happen. Regardless of what they wish for, the the global economy will recover, and it will happen sooner than many might expect.