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Recession is back baby

ShockChance

Ireland now officially in recession as economy shrinks by 6.1%

https://www.irishtimes.com/business/economy/ireland-now-officially-in-recession-as-economy-shrinks-by-6-1-1.4348513

Got absolutely raped in the last recession. At least this time I have a good chunk of savings. Let the fun begin.

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owlbethere

The effects of the last recession can still be seen today with the housing crisis. The cost of housing was 11 times the national average wage. The housing crisis is going to grow so much from here. The lockdowns effected mainly the lower paid professions. However there will still be a neeb for many of these professions like chefs, hairdressers, mechanics, childcare workers, etc. These people will be priced more out of the housing market now than ever before whereas other sectors who continued to work and work from home like technology sectors etc, they will be more likely to afford a home.

cj maxx

jcd5971 wrote: »

I'm in a waaay better financial position this time around, so kinda looking forward to it, lots of opportunities last time as well but had no means to take advantage, this time however should be good.

How so ? What kind of work will have an advantage? I’m not doubting but I’ll need to do something now so what sectors should I look at in your opinion ?

washman3

ShockChance wrote: »

to me it looks like a case of rich getting richer and poor getting poorer

That's exactly what the Lockdown was designed to do.
This is the price we pay for listening to hypocrites like Neil Ferguson of The London Imperial College.
And the mind-boggling thing is, we would do exactly the same thing again next year.

owlbethere

AMKC wrote: »

Will you go fu'ck yourself with that stupid suggestion or better yet get a Mistress to Fu,ck you with all that money your swimming in you can no doubt afford it. Just because you have such a great life and have never had to be on the Dole does not mean you should bash people on it. You have no idea of there life.

I'm not bashing people on the dole and no way do I want to see people struggle and the dole cut. I hate dole bashing with a fcuking passion. So many people wanting and wishing for the government to tax the shirts of peoples backs who are on the dole.

My post ws a quick one to what happened last recession. Young adults got a hammering.

AMKC

owlbethere wrote: »

It's probably time to give the pensioners a boost in the pension and make young adults work an internship in McDonalds and Subway for the 100 euro dole a week. It's probably time that dole is reduced too. Make them work for 50 euro a week for good measure and give it to the oldies.

Will you go fu'ck yourself with that stupid suggestion or better yet get a Mistress to Fu,ck you with all that money your swimming in you can no doubt afford it. Just because you have such a great life and have never had to be on the Dole does not mean you should bash people on it. You have no idea of there life.

jcd5971

I'm in a waaay better financial position this time around, so kinda looking forward to it, lots of opportunities last time as well but had no means to take advantage, this time however should be good.

landofthetree

Gregor Samsa wrote: »

It's a completely different type of recession to the last one, or any of the others we've had. Not downplaying it at all, but the causes, effects, and potential solutions to it are very different from the financial crisis. Certain sectors are being absolutely crippled by the restrictions, others are flourishing.

True enough.

But we are going to be adding a lot to the national debt. It will take a few years to balance the books.

[Deleted User]

As the figures include the full lockdown period hopefully the next quarterly national accounts won't be as bad and might be more representative of what we'll see into 2021.

Away With The Fairies

With the budget coming up, I just hope they don't cut the dole. I've just started a new job but I could be out the door again next week.

Gregor Samsa

It's a completely different type of recession to the last one, or any of the others we've had. Not downplaying it at all, but the causes, effects, and potential solutions to it are very different from the financial crisis. Certain sectors are being absolutely crippled by the restrictions, others are flourishing.

Tuco88

If the construction stays on track, it might not be as bad. Still a pitty to hear.

[Deleted User]

Savings too, thank God

Gretas Gonna Get Ya!

Another recession, but all the patriotic folks who love to flee the sinking ship now have to stay on board and see out the storm!

Trouser Snake

Stocking up on the three ply before things really hit rock bottom.

owlbethere

It's probably time to give the pensioners a boost in the pension and make young adults work an internship in McDonalds and Subway for the 100 euro dole a week. It's probably time that dole is reduced too. Make them work for 50 euro a week for good measure and give it to the oldies.

893bet

It will be a soft landing.

ShockChance

Mr.S wrote: »

But the bounceback, the bounceback!

This is unique recession though, is it not? In the sense that some industries are largely unaffected and some people are actually better off due to income remaining stable / increasing and daily expenditure dropping?

(I am not a financial expert, thank god)

to me it looks like a case of rich getting richer and poor getting poorer

ChikiChiki

AMKC wrote: »

Lol na fu,ck that. I got through the last recession ok and will get through this one too. It's going to be a weird recession do because instead of prices falling in shops, cinema's etc they will rise because of the pandemic and less customers to go to them too. Prices have already risen and will no doubt rise more. It should be the other way In a recession. At least house and car prices might fall do. Great them to buy during a recession.

They will just go out of business. A price increase is not sustainable in a recession where consumption is way lower.

ChikiChiki

Atlantic Dawn wrote: »

Yes this one's a different kettle of fish, very few outs for people to head abroad to seek work.

It really is batten down the hatches. Doing contract work, I have always been happy to up sticks if needs must but that's not really an option.

Hard to forcast where things will be at next week let alone where things will be at in February when my current contract ends.

AMKC

ChikiChiki wrote: »

Official now, kind of hammered home today. Was lucky enough to be employed through the last one. Not too sure of this one.

Head down for the winter and try and get plenty of new skills on the CV.

Lol na fu,ck that. I got through the last recession ok and will get through this one too. It's going to be a weird recession do because instead of prices falling in shops, cinema's etc they will rise because of the pandemic and less customers to go to them too. Prices have already risen and will no doubt rise more. It should be the other way In a recession. At least house and car prices might fall do. Great them to buy during a recession.

ShockChance

Atlantic Dawn wrote: »

Yes this one's a different kettle of fish, very few outs for people to head abroad to seek work.

Thats the bit that scares me. You could feck off to Australia for a few years and make bank in the last recession. Now they are in serious lock-down. Taking no chances. arresting people with no masks on etc.

Atlantic Dawn

ChikiChiki wrote: »

Official now, kind of hammered home today. Was lucky enough to be employed through the last one. Not too sure of this one.

Head down for the winter and try and get plenty of new skills on the CV.

Yes this one's a different kettle of fish, very few outs for people to head abroad to seek work.

ChikiChiki

Official now, kind of hammered home today. Was lucky enough to be employed through the last one. Not too sure of this one.

Head down for the winter and try and get plenty of new skills on the CV.

An Ri rua

SEPT 23 1989 wrote: »

We can't even session through this recession:(

Times have moved on man! It's an e-session now. On Zoom.
If that dystopian diarrhoea doesnt up the suicide rates, what will.

ShockChance

rusty cole wrote: »

what fun?? it's a nightmare for the huge majority. Its the reason most middle age men killed themselves in the last one, trying to save the family home etc.
I get what you mean but the phrasing is off if you really have any idea of the deep impact on life and lives in Ireland. it;s also not like anyone can emigrate this time, nobody wants anyone's diseased diaspora.

It was just a light hearted joke on my part.

Trust me when I say I went threw hell in the last recession I know whats coming.

jimwallace197

Its not even surprising how some people in this country take pleasure in the suffering of others anymore, sad f**ks. This is nothing to be laughing or making light of

SEPT 23 1989

We can't even session through this recession:(

[Deleted User]

ShockChance wrote: »

Ireland now officially in recession as economy shrinks by 6.1%

https://www.irishtimes.com/business/economy/ireland-now-officially-in-recession-as-economy-shrinks-by-6-1-1.4348513

Got absolutely raped in the last recession. At least this time I have a good chunk of savings. Let the fun begin.

what fun?? it's a nightmare for the huge majority. Its the reason most middle age men killed themselves in the last one, trying to save the family home etc.
I get what you mean but the phrasing is off if you really have any idea of the deep impact on life and lives in Ireland. it;s also not like anyone can emigrate this time, nobody wants anyone's diseased diaspora.

Allinall

I feel deflated.

punisher5112

If I hear your lucky to have a job I'm going down for multiple homicide.....

Oh also I pay your wages and how long will the next one be or you're early.....