Twenty-seven year-old Alexander Avgerinos is battening down the hatches for a recession.
In the second half of 2022, the western North Carolinian restaurant cook forecasts a raucous recession as he readies for the worst economic downturn the new year has in store. As told by Barron’s, Avgerinos is in the process of cutting expenses in all possible areas including sharpening his at-home cooking skills in place of dining out, canceling his streaming services, and even limiting his air conditioning to night time.
It’s not that Alexander’s financial health or overall fiscal situation has necessarily changed. He’s just taking into consideration the cause of inflation in a number of areas including higher costs at the gas pump, the lasting effects of the stubborn supply chain bottleneck, or the exacerbation of labor shortages mixed with surging consumer demand. Any or all of the above encouraged Alexander to “bunker down,” as he put it.
Avgerinos is hardly the only one to start reigning in spending and adjusting financial behaviors amid widespread fears of an omnipresent recession, even as the unemployment rate stands at near record-lows and consumers remain irrepressibly resilient.
continue reading »