How Will the Economic Recession Effect Us?
InSITE Reporter Shae Courtney looks at ways that that young people are effected by economic recession
We, the teenage population, are a generation that has grown up around consumerism and material items. Even the eldest members amongst us will have little or no memory of the last recession (1991-1992). How will we cope without on-demand crushed ice drinks, unlimited free texts or an endless supply of Haribo?.
Our generation, since the last recession, has grown up in a very different world to our
parents or even that of our elder siblings. Our parents, the BBC suggests, are richer than ever and have provided us with access to an “extraordinary range of activities and opportunities undreamt of even a generation ago.” Could our cosy and snug world, therefore, be on the brink of collapse? Well, the latest economic statistics would certainly suggest so.
The latest unemployment figures for the three months to August have shown the biggest increase in those out of work in seventeen years – the biggest jump since John Major was in power. Those claming Jobseekers’ Allowance also rose sharply to 939,000 in September whilst the number of job vacancies in Britain fell. Whilst this in itself may not seem too concerning given the figures the country saw in the late 1980s, some economists are predicting a return to those levels by Christmas this year. An unemployment figure closer to the two million mark is quite possible by Christmas and a figure of three million by Christmas 2009 was predicted by a select few in the financial sector.
For the majority of students at school or College, the worry is not that some high-flying,
city slicker is being laid off, no. Perhaps we may even rejoice in banking hotshots getting their comeuppance for the devastation they’ve caused. Rather, the main worry is our jobs and the jobs of our parents. Does the latest economic downturn mean that our part-time jobs are at risk? Waitresses and babysitters are under threat as families tighten their belts and reign in their cash. If people eat out less, then there is surely less need for part-time waitresses and the occasional babysitter.
Our parents are not safe, either. Manufacturing, clerical, financial and retail industries are all suffering as a result of the recession. There is no solution to protecting the employment market, as it is vulnerable to market forces. All we can hope and pray for is a swift return to the boom of the 1990s and 2000s. Don’t hold you’re breath though.