Bidenomics: Recession checklist

With discussions of a possible recession in the future, a FOXBusines article contributor, Michael Davis, offers tips on how to mitigate recession aggravated challenges. Davis argues that now is the time to start taking action, to include becoming more valuable in the workplace. Once the recession starts, the difficulty level of getting a job goes up.

From Fox News:

1. Start with your job.

If you don’t have one, get one. If you do have a job, make sure you’re doing it well.

Despite all the signs showing that the economy slipping towards a recession, the jobs market is still strong. We added 372,000 new jobs in June. You have more control than ever. Employers are desperate to hire the right people. That will not last. If–or should I say when?–companies see business slip away, they will announce hiring freezes. If–or should I say when?–that isn’t enough, there will be layoffs.

Things have been so good for so long that you might have forgotten two iron rules of work: (1) It’s easier to get a job if you have a job, and (2) your boss plays favorites.

When the recession comes, make sure you’re on the inside looking out. And once you’re on the inside make sure your boss wants to keep you around.

2. The second thing on the checklist is your money.

When it comes money, more is better. No matter how well you do your job, a recession can spell trouble. Bad things happen to good people. And even if you don’t find yourself hunting for work in a bad economy, you may lose overtime, bonuses and commissions. Unless you’re about to pay cash for a second private jet, you need an emergency reserve. When, as is now the case, the threat of an emergency grows, your cash reserves should grow too.

I know that’s easy for me to say. Even in a strong economy not everyone can save. But most people do have options and the little things matter. Quit ordering $6 coffees, work some overtime, whatever. Just do it. There may come a time when even an extra few hundred dollars for a car repair or an electric bill will make all the difference.

3. The final and most important thing on your recession checklist is your attitude

The pandemic taught us all important lessons about what is and is not important. This is a good time to reflect on what gives your life real purpose and satisfaction.

Now don’t let anyone tell you that money can’t buy happiness. You need to pay attention to the first two things on the checklist. We all like nice things. And if you’re constantly worrying about how to keep food on the table and the lights on, your life is a misery.

At the same time, though, don’t let anyone tell you the kind of happiness that money does buy–the cars, the vacations and all the rest–is all that matters. You need more than a job and money to give your life purpose and real satisfaction.

Fox News has more on the article here.

Category: Biden, Democrats, Economy, Politics, Society