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The people commenting on this thread must not have a financial background. It's foolish to suggest all this stuff is 'made up'. Tell that to the kids of those in the double digit unemployed, the retirees whose wealth was halfed over night, and a financial institution which almost entirely collapsed. (All this was in America, not sure how it was other places.)
But does it affect high school/college students? Not unless your parents were laid off or your a senior, looking to get a job next year.
To be fair, those who are retired are getting hit hard, mainly due to interest rates. Also those with large amounts of savings.
However, where I am most people are no better or worse off than they were 2 years ago, the only area hit is savings are interest related sectors.
There are obviously higher unemployment rates in certain industries, but luckily most people where I am have not been hit by this. Looking at the businesses we own, the media has a massive role in the recession. A month or two ago the news networks started headlining things like "recession over" etc, that caused a massive increase in business in the following weeks. This was just the same as when the news networks started speaking of a recession, business suddenly dropped. I am not saying all industry is effected in this way, but can you honestly deny the media is playing a massive role in how the "recession" worked out?
As for how it effects day to day life, if you are low on money, you simply have to find things that don't cost much. As a student, this doesn't really effect me as I never had much money to start with, simple things like going to a beach or park to sit around and talk with a group of friends is common, compared to maybe going out to the cinema. There are many things you can do for free and many more ways to economise your living, you just have to decide what your not willing to compromise on.