When I was very young, there was a recession in the US. Ten years ago, there was a recession in the US. A few times in the 20th century, there have been recessions. The reality is, recessions happen. Economies falter and none are perfect. Recently, Bill Gates said it’s certain we will have another financial crisis like in 2008. As a billionaire founder of one of the largest empiricist enterprises in modern times, he has access to data and advisers, and a track record in commerce that lends credence to his forecast. We do not know when the economy will falter and what will trigger it, but we know it happens.
Materially and professionally, I did not survive the last recession though I did not starve. A $1 salad and a $1 drink can go far. A bag of nacho chips and a case of bottled water can get you through some rough spots for weeks at a time. You may vomit later on, but you are still going, breathing. The last recession is a time I will never forget and will remember vividly.
Some generations of humans and some people can live prosperously from cradle to grave. Sometime you have a year or two of good time, maybe a decade. Many people however, live in times where the good times eventually come to an end. The good news is you can learn from the past, realize that you can live through tough times. Though many people may have lives that are not ideal on balance, being alive is greater than than the material prosperity lost or rarely attained.
Yet, if you know that the overall societal conditions that work to foster income and a higher quality lifestyle rarely ebb and flow, you can prepare. Ultimately, disaster prepping is never obsolete and you can see indications of the oncoming season of decline. Failure to acknowledge the boom bust cycle is a combination of denial and the fostering of a superficial perspective about life. Know in advance what you can give up materially (should be just about everything) and where you are willing to go (either anywhere or only where you are from or both). Always know your fundamental gear: Backpack, 2 or 3 shirts, pants, underwear, etc. and be fully prepared to be fully mobile. Lose the social image as that impairs your ability to live (no job or life situation is beneath you). Understand that the worse thing you can do is become paralyzed by brooding over fairness and loss. You must move forward, you must move on.