People who are worried sick about inflation and recession

People who are worried sick about inflation and recession are generally the working class and the working and unemployed poor. (Sheena Ricarte, June 2022, Image 1)

~Friday, June 17, 2022 Blog Post ~

In the news today are reports about an impending recession and the present high inflation woes.

I thought about the working-class people who are certainly extremely anxious and panic about these economic disasters, and they are usually:

1. Parents with young and school-aged children: They are obliged to spend on their offspring’s tuition fees, food, housing, clothing, entertainment, and so forth;
2. Working-class renters: They grapple with soaring rent prices;
3. Car owners: They need to face the unbridled gasoline price increases;
4. Carnivores: Consumers who regularly eat red meat like beef, pork, and mutton which are getting expensive by the day;
5. Critical illness patients: These are people with serious ailments and medical conditions like the major cancers, diabetes, hypertension, high cholesterol, stroke, liver disease, and so forth and typically need maintenance medicines to survive;
6. Commuters: These are employees who work in offices and do not have homebased jobs. Thus, they need to travel to their workplaces daily and struggle with the skyrocketing transportation costs;
7. People with personal loans and other types of debt obligations: They need to settle the payments for their housing or mortgage, car, home renovation, education, refinance, and credit card debt obligations;
8. Rice consumers: Rice is getting more and more expensive, similar to the other commodities;
9. Gig economy workers and people with nontenured and unstable jobs: The looming recession is certainly concerning for these people because they do not have the security and benefits of permanent employment;
10. Unbanked people, people without emergency savings, and people who do not have life savings at all: These are people who failed to “make hay while the sun shines,” live paycheck to paycheck, the sole breadwinner of a large family, or are financially illiterate or not well-educated about personal finance and wealth-building;
11. Migrant workers: These are typically US dollar-earning people with temporary work visas and employed in foreign and usually First World countries like the United States and oil-producing territories in the Middle East. With the US dollar being the global standard currency and if the United States officially enters the recession phase, these migrant workers’ foreign employers will be directly impacted. Consequently, these temporary laborers will likely to be sent back to their home countries and face uncertainty;
12. People working for obsolete industries: We live in a technology-oriented, digital world and many industries are becoming irrelevant. Many companies employ robots now, which further contributes to this reality. Additionally, consumers’ constantly changing tastes and lifestyles and technological devices getting updated annually make the business world more cutthroat and with the “survival of the fittest” setup. People who work for companies whose products and services have decreasing demands will find their employment situations problematic. These businesses that are becoming irrelevant as the present and the future are increasingly getting digitalized and will eventually become inexistent are pizza companies, steakhouses, paper mills, paper-related equipment (like printers, photocopiers, paper clips, folders, envelopes, staplers, punchers, and paper itself); and
13. Small business owners and those who are just starting their small enterprises: Since people are penny-pinching or unwilling to spend their hard-earned money in these high inflationary times, it is generally challenging for small business owners to get customers. The worst-case scenario is they will have to fold their small and/or fledgling business ventures.

People who are worried sick about inflation and recession are generally the working class and the working and unemployed poor.

Many people live paycheck to paycheck because their salaries have not increased in proportion to the rising cost of living today.

Furthermore, being out of a job with a possible recession and economic downturn happening this year or the next can certainly cause concern and anxiety to people.

Hence, it is sad to learn about these people who are directly affected by recession and inflation, including the terminated workers.

After all, these employees have themselves and their families to financially support, and so their employment is absolutely significant.

Companies should provide the laid-off workers the necessary support they and their families need in these hard times.

Terminated workers should also seek new work opportunities and never back down.

Governments are meant to serve the public and they should focus on the ongoing global economic crisis.

I think this 2016 book by businessman and investor Daymond John is a recommended motivational reading material for panicked people suffering from financial woes amid the global economic meltdown.

Its title is “The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage.”

I think this 2016 book by businessman and investor Daymond John is a recommended motivational reading material for panicked people suffering from financial woes amid the global economic meltdown. (Sheena Ricarte, June 2022, Image 2)

People who are employed at this point, are searching for employment and eventually finds one, or are financially OK amid the global economic disaster should consider themselves lucky. They should hustle hard and just keep hustling no matter what.

In this manner, they will be able to maintain their financial wellness and sustain their financial peace of mind for the long term and during both sunny and rainy days.