Marion Pellicano Ambrose
Former Secretary of Labor Robert Reich recently warned that the U.S. is likely headed back into recession. Such a move would bring us into what is called a “Double Dip Recession”. This is when gross domestic product (GDP) growth slides back to negative after a quarter or two of positive growth. A double-dip recession refers to a recession followed by a short-lived recovery, followed by another recession .The causes for a double-dip recession vary but often include a slowdown in the demand for goods and services because of layoffs and spending cutbacks from the previous downturn. A double-dip, or “W Shape” Recession is a worst-case scenario, yet many experts in the economic and financial sector have voiced concern.
What can you do to protect yourself and your family in the event of such an occurrence?
What can you do to protect yourself and your family in the event of such an occurrence?
First: If possible, have an emergency fund set up in a high interest FDIC insured bank account. This will keep its full value no matter what happens in the market and will give you access to money in case of a layoff or cut in pay.
