They’re hard to predict, and their causes are complex. Even now, as the economy continues the longest expansion in its history, economists are divided about the imminence of the next downturn.
But if the when and why of recessions are unclear, the consequences are all too familiar. Consumption will decline. Employment will fall. And state governments—which rely on sales and income taxes—will face decreasing revenues, paired with a surging demand for programs such as unemployment insurance and Medicaid.
This piece was originally published in The Hill. Read the full article here.