It's official. (and we all saw it coming) News outlets are reporting today that
the US economy is shrinking, with consumer spending down 3.1% This means we're half way to an official recession. (which is negative economic growth for two consecutive quarters)
This could be Really Bad News for everyone. When people spend less money, that means less revenue for businesses which have to cut costs. People lose jobs and it becomes harder to pay our bills. So what can we do about it?