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How to Be Happy in a Recession
A financial downturn doesn’t have to cause an emotional one.
July 28, 2022, The Atlantic
After years of historically loose monetary policy, trillions of dollars in stimulus checks, and supply-chain wreckage during the coronavirus pandemic, perhaps we shouldn’t be surprised that a recession is looming, and may already be upon us. But the fact that it is predictable doesn’t make the high prices, effectively lower wages, and tanking investments hurt any less.
You might be forgoing discretionary purchases just to fill up your gas tank and buy groceries. Perhaps you are postponing your vacation, or rethinking a much-anticipated life change, like getting married or moving. And although the job market looks good now, you might be starting to feel nervous about that too.
Along with material security, many Americans are losing their sense of control over their economic fate. When stock markets are declining quickly, almost no amount of work can keep retirement savings from falling, swallowing up months and years of sacrifice. If you’re a homeowner, knowing that your house is losing value comes with a special sense of helplessness.
The unhappiness that accompanies recession is real, and you’re not irrational if you feel it. Your instincts might tell you to fight these bad feelings by focusing on the problem intently and managing your affairs meticulously. But that’s not actually the best way to alleviate your suffering. To ride out the coming recession with your happiness intact, you’ll need to figure out how to pay less attention than your brain is telling you to.
