“Recession” seems to have become the new “Y2K.” In other words, it is the popular catch phrase on everyone’s lips this year as they foretell the catastrophic decline of our society as we know it. All those doom-and-gloomers back in 1999 found that the Y2K problem turned out just fine, and I am optimistic that this recession will as well.
As a recent Duke graduate who has dozens of bright friends still struggling to find jobs, I am acutely aware of the negative impact of the recession. There is no denying the pain it has caused through lay-offs, bankruptcies, and lost opportunities.
However, to put a little more positive spin on things, here are some reasons why the recession maybe ain’t so bad after all:
1) Now is one of the best possible times to make big purchases such as a home or a car, as there are unprecedented discounts and perks included. Builders and dealers are desperate, and their desperation translates into big savings for customers.
2) With the market as low as it is, the smallest of investments now can end up paying off tremendously in the next ten years.
3) There is a vacuum for entrepreneurship. In times like this, it is important to re-evaluate the systems that brought us to where we are today and strive to come up with innovative ways to revive the economy. And, with so many intelligent, talented people who have been laid off, the recession is the perfect opportunity for them to step out of the rat race and re-evaluate how they want to be using those talents of theirs.
4) If you are graduating college and can’t get a job, you can just blame the recession!
It is important for us to accept the recession for what it is and to look with a creative and open-minded attitude at what opportunities it may reveal. What do you think, NSJ readers?