This is a teachable moment here. With 2008 fresh in everyone’s mind compare the media’s economic reporting pre 2008 recession to today’s reporting.
From November 07 to November 08 the MSM was predicting the coming recession on an almost nightly basis. “Economic free fall” was a term thrown around constantly.
Today we’ve already had 1 qtr of negative growth, 1 more and we are in a recession but, there are no predictions of “economic free fall” from anyone outside of a few conservative sources.
I’d say we are in worse shape today because we are heading for a recession without all of the fear inducing panic of 08.
Worse shape for a lot of reasons.
People have depleted their savings. People have “left the work force”. People are “on disability”. People have moved back home and living with parents.
There is no cushion. There are no reserves. When the economy takes it’s next dip, it will be like diving into a swimming pool that no longer holds water.