Well, as we all know, it was announced over the holiday season, the big word-RECESSION! America is in a recession. We’ve been in this current state since March of 2001.
Well, what is a recession? It can be defined as a period of reduced economic activity. So, what does that mean to us as college students? Companies are still hiring but not as they probably were a year ago, so that means that we as college students have to make ourselves more aggressive when we are trying to find a job over the next couple of months. But even though with the collapse of ENRON, and “The War on Terrorism” over in Afghanistan, we are stronger than ever. Also, as history shows, we always emerge from our slumps. You can only be down for so long and then you can do nothing but go up.
“How long will this recession last?”, you ask. Well that is something that is totally up to the United States as a country. No one person, nor one company can be solely responsible for this recession-although some people may argue that it’s the President Bush’s fault. As we all know, we as a country have enjoyed great times.
Over the past five years, we have had excellent economic growth, the lowest unemployment rate ever, and families were buying homes at an alarming rate. Additionally, we were getting great interest rates on durable goods. But then again, what goes up must come down. Just because this is happening doesn’t mean that we have to lose confidence in the future. This is just a test and although we are on shaky ground, we must be strong and take risks. That is the only way that we will come out of this recession.
So don’t worry about not landing that job soon. Don’t worry about the unemployment rate, because if you’re willing to take risks, you’ll land that job. The collapse of ENRON may have people slightly worried and though it’s the biggest financial collapse of a major corporation in the history of the United States, it will be o.k.
That is what makes our country so great, we’ll get through this and still be the number one country in the world!