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.
[in-text-ad]
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.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
