Not to be the doomsayer, but and those are just the official numbers, which are weeks old when they’re new. Estimates , the highest it’s been since the Great Depression. In short, we’re in a recession.
This time the recession wasn’t caused by deregulation of the financial sector allowing consumer deposits to be invested in high-risk, shady investments like the and . Instead, it was caused by a virus. To be clear a recession is a significant contraction of economic activity. Well, you’re sitting at home. You’re not going out. You’re not buying as much. Same with everyone else—that is a recession. We’re in one. We don’t have to wait for the data.
If you’re young, then you might not have ever really lived through a recession as an adult. If you’re under 40, you might think the 2008 recession was “the big one”—and it was—just not so big for tech. If you’ve got a few more grays, then you remember the 2000 recession and maybe the early 1990s. Those were bad for tech.
What is a recession like?
The 2008 slump was bad if you were starting your career or running a business, but if you had a job you just stuck with it. If you were looking for a job and you had experience, the search took longer and you might have had to take something that was less than ideal.