It’s happening – despite whether the US economy was headed for a recession, we, the people of the US, seem to be willing to make it a certainty. Not that it’s our fault. The headlines on most major news sites seem to proclaim the doom that awaits.
Businesses have been forced to take an even sharper knife to their 08 spending plans and the average consumer is showing signs that he is trying to hold back on non-essential items.
So what? Isn’t that what fiscally responsible people do during downturns? Yes, but this time it’s different. Our last recession in 2001 was before the birth of web 2.0. Google “blog recession” and you’ll now see a multitude of blog sites, restating studies, projections and statistics about the dire state of the economy. That didn’t exist in any other pre-recession or recession period.
So in 2008, we have the added weight of web 2.0 and the blogoshpere further reminding us of our likely upcoming fate. Just another reason for us to cook a romantic Valentine’s Day dinner at home and save $150.
To clear up any misunderstanding, I’m not saying that the economic fundamentals don’t exist for a down turn. What am I theorizing, though, is that the power of web 2.0 will help determine the length and severity of any pull back in our economy.
