Is next recession coming up?

i hear ppl talking about it. can someone explan what is recession and how will it affect people? What will happen to the economy?

Some people think we're already in one, some don't. In my opinion, if McCain wins the election, we'll become more economically stable.. if Obama win's... uh oh.

A recession, by definition, is two consecutive quarters of negative gross domestic product (GDP) growth.

GDP is basically the total market value of all goods and services produced within the country in a given period of time (usually a calendar year).

So, if the value of products and services goes down, or the amount of products and services we generate goes down over 2 consecutive quarters, the economy is said to be in a recession.

And, depending on who you listen to, we may or may not already be there. Although if we aren't there yet, we're well on our way to getting there soon.

In a recession, the people across the country are making less money on products and services in each successive quarter, whether that's because of a drop in prices or reduction in output. So, there is less money in the hands of Americans to spend more. This may cause further recession as businesses scale back production due to excess of inventory that's not moving, including cutting back jobs (layoffs).

Some businesses that cater to frivolous spending might completely go under during a recession, as people do not have the discretionary income to buy unnecessary goods and services anymore. This results in further jobless claims and even less money available for people to spend. And, it usually takes some intervention by the government to snap us out of it.

Actions by the government - depending on who's in office - would be give corporate tax breaks, making businesses more profitable and willing to hire more workers (Republican approach, or trickle-down theory). Or, it could result in tax breaks for the middle class to increase the demand for goods and services, which would increase the amount of money made by companies, so they can hire more people, and generate more goods and services (Democrat approach, or trickle-up theory).

The way things are going it could be

We're already in a recession. It means there will be less jobs and less credit so... less money to borrow. What will happen to the economy is this: the U.S. dollar will get stronger, oil will get cheaper, the jobless rate will go down, but companies won't have money to expand, so there will be fewer new jobs created.

If we're not, I don't why I still struggle paycheck to paycheck.

it is like the pre-stage for a depression. as in the Great Depression. the economy will go down and we will all be screwed. but we are not even in recession right now. we are about to be, but depending on how the economy goes depends on where we,as america, stand. In recession or recovery.

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