Recession is something that most people today would rather not think about.
It could not have been more timely, as till a few months back all and sundry were going around recklessly with their plastic money. The correction was long overdue, and as Anne Dudlay rightly said, “If we had no winter the spring would not be so pleasant, if we did not sometimes taste adversity, prosperity would not be welcome.”
Yes, recession is here right and proper, making its presence felt in the home, in (or out of) the office, back in the street and practically everywhere. It all started with financial companies feeling the effect of recession which slowly picked up momentum. According to one school of thought, recession will continue to show negative growth for two consecutive quarters. It simply means not having enough cash in hand to pay as before, resulting in harsh measures like cost reduction and layoff. Out of the 22 sectors affected, only a few are likely to revive on the job front, namely, Pharma, Education, Biotechnology and Healthcare in the near future.
Recession usually results in decrease of business and consumer confidence. During bad times people are more cautious with their money and consume less, save more, and tighten spending and investment. Recession impacts men and women, young and old of the society without necessarily discriminating any specific group. For college students, it seems as though there are many who are aware of the problem. There were times when we discussed possible recession in our classes and more than once we heard a student ask, “Can I get a good job after completing my study?” The possible recession may not seem to impact our day-to-day lives, but the fact is that it will affect students as well, if not more. For instance, budget constraints can directly affect education and students in many ways. At the college level, due to reduced funding for the state sponsored colleges and universities, as well as reduction in course offering and students activities which may suffer cutbacks as different campus programs compete for reduced funding, states may trim their educational services and raise students’ tuition fee. Funding opportunity for student loans, employment and aid may also be reduced.
Our economy has for most of our lifetime seen great growth due to technological advancement and good use of communication. But things may be changing, and while we are not absolutely devastated by a recession, its effect will certainly hit people’s heart, especially college-going students and professionals.
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