Several theories have emerged about whether a recession will begin soon. One is that rising interest rates will kill mortgage applications and crater the housing market. Another is that rising prices for many household items, especially gasoline and food, will bring consumers to their knees.
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Businesses could face high prices for goods and services but will not be able to pass them on to consumers.
Presumably, Americans with low incomes will be hurt early. Many minimum wage jobs will not get cost of living increases. To the extent that these people drive to work, they may find themselves unable to pay basic bills.
Other workers likely to suffer are those in jobs that build more expensive products like cars. It would seem there is pent-up demand for cars, but recessions usually wreck that.
Construction workers also will find themselves hard-pressed to keep jobs as residential construction falls and commercial construction stays low.
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