On the face of it, the idea that an ongoing recession has come as a blessing may seem quite optimistic. However, for the majority of people it has. Obviously it has caused savings accounts to stagnate, stock portfolios to wither and businesses to fail but with it have come a great many good things.
It is unfortunate that those on fixed incomes have seen their savings stop growing, but those without any such savings have found opportunities that may not otherwise have presented themselves. For example, house prices have reached a plateau whilst inflation as observed against the consumer price index has continued at an accelerated pace. Ultimately this has led to a relative decline in the value of property putting a house within reach of many who could not previously afford one.
Large financial organisations such as banks and building societies have become more stringently regulated, and necessarily so. Previously these institutions had been left to pretty much police themselves, leading to all sorts of risky, shady and greedy policies funded in full by people like you and I who have to entrust our money to them in order to have a regular job and pay our utility bills. Stricter regulation has led to improved transparency and a more ethical decision making process when it comes down to deciding how they spend and invest our money.
Crippling mortgage repayments have begun to be less commonplace as banks have become less gung-ho in their lending policies and younger borrowers have been able to either pay off large chunks of their debts or simply enjoy having a little spare cash as long term low interest rates have kept payments at a manageable level.
Governments have been forced to look at the sustainability of their own economies meaning those with sizeable trade deficits are having to rethink their fiscal strategies. Ultimately this will lead to lots of new jobs within the manufacturing sector and in primary industries such as agriculture and mining. This will lead to a larger workforce, helping to eradicate jobless ghettos in areas where these industries once thrived and could again.
I could go on but that is enough for one night. It’s food for thought though. Every cloud has a silver lining.