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In the 20th and 21st centuries, economists have marked 15 distinct recessions in the United States (so far) that directly affected the lives and bank accounts of millions of Americans. During these economic downturns, the same sequence of events always inevitably plays out: Investors get nervous, demand falls, businesses begin to fail or struggle, and unemployment rises, often due to layoffs. Despite this, the economy always — eventually — recovers.
It’s important to recognize the reality of the fears that plague those affected by recessions when they are happening as lives and livelihoods are affected in real, meaningful ways. But at the same time, it’s easy to forget that recession is a natural part of the economic lifecycle. The economy has seasons, and recession is its winter. As much as we may want to rail against it, hoping to turn from autumn to spring, winter always comes.
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