2007-2009 was an era defined by many culture-shaping moments: Twilight graced our screens, “Single Ladies” by Beyonce was one of the biggest hits, and a highly anticipated election featured then candidate Barack Obama. 2008 was definitely a year to remember, but it was also a year with an unforgettable recession still talked about to this day. Something similar happened in the year 2020. COVID-19 caused schools to close, people to quarantine, and everything to move online. Through this article, I’m going to be referencing the 2020 recession, because while the 2008 recession was in my lifetime, I was two years old. In 2020, I was fourteen years old, therefore I didn’t have all the information, but I was semi-aware of what was happening around me.

Without further ado, let’s discuss recessions. By definition, a recession is a significant decline in economic activity spread across the economy lasting more than a few months. Indicators include employment, Gross Domestic Product (GDP), and industrial productions. The National Bureau of Economic Research looks at past economic data to confirm that a downturn is significant and widespread, not relying on a single statistic but examining a range of monthly indicators to ensure the decline is not isolated to one sector.

But recession indicators fall into multiple categories from the economy all the way to the media. 

Let’s start with the one that we all see at the current moment: inflation. According to Britannica, “Inflation is the general increase in prices or money supply which can cause the purchasing power of a currency to decline.”  If you were to walk into any store, you may notice a price shift in any product you bought a week ago to a year ago. In 2020, grocery prices went up significantly because of COVID-19.  According to the U.S. Bureau of Labor Statistics, food prices increased 3.9% in 2020, which was the largest yearly rise since 2011, driven by pandemic-related supply disruptions in consumer demand. Grocery prices rose at 3.5 on average, which was 75% above the 20-year historical average of 2% per year. Putting context into the mix, U.S. households with children spent $150 to 160 per week on groceries compared to households without children, which spent $115 to $120 on groceries.  

Next, let’s discuss Employment and compare the stats

Over 2020, the total civilian employment fell by 8.8 million. The unemployment rate was 13.0% in Q2 2020 prior to shifting to 6.4% in Q4. According to Federal Reserve’s Survey of Household Economics and Decisionmaking (SHED), 14% of all adults were laid off in 2020 affecting those with less education and marginalized groups. “In 2020 wages grew by 6.9% due to the exit of 7.9 million low-wage workers,” stated the Economic Policy Institute (EPI). There was not a strong demand for labor in 2020. Much of the labor was remote work, which doubled in March of 2020. During the pandemic, almost everything from school to the workforce shifted remotely due to quarantine but hybrid work was also a factor. 

The Media

The media is telling of the current economic and political state of the world. For instance, in 2020, all eyes were on COVID-19 and the presidential election. There was a clear divide for the Democrats and the Republicans with what media sources were trustworthy. Digital media platforms such as TikTok had a giant spike. I noticed in 2020 that TikTok (specifically the side I was on) was brighter compared to the bleak and tragic situation of COVID-19 and quarantine. When I scrolled on the app, I saw people in brightly colored outfits and patterns like checkered print, zebra print, and cow print. I believe that the fashion was bright to combat the dreary reality of living in a pandemic. TikTok was booming with recipes that were bright and colorful such as the viral cloud bread, whipped coffee, tomato feta pasta, “Nature’s Cereal,” and so much more. The recipes during this era were more creative to boost inspiration and hope. I know that is a stretch, but this was a luminous shift during a global pandemic, a time of uncertainty and death. 

Let’s move to our final point: Entertainment 

Entertainment during recessions is interesting. Movie theaters were in a steep decline due to COVID-19. Not only from the pandemic and streaming’s rise, but also from higher concession prices. 

Another affected space was live performances such as Broadway and concerts. Many musical artists created events where their fans could enjoy their favorite songs while keeping themselves and others safe. For example, in 2020, Ariana Grande and Lady Gaga released a song titled “Rain On Me” that was featured on Lady Gaga’s album Chromatica. When the song was performed live at the MTV Video Music Awards (VMAs), both Ariana and Lady Gaga had to wear masks alongside their background dancers. The performance was put on streaming platforms and social media like YouTube and Instagram. Another example of entertainment during the pandemic included the music videos filmed by artists within their homes, such as the music video for “Savage” by Megan Thee Stallion (featuring Beyonce) and the Tiny Desk (Home) Concert by Chloe x Halle. 

Even Disney brought our favorite stars to the screen to sing some of our favorite Disney classics. Streaming platforms skyrocketed in 2020 due to releases such as Disney Plus. Many companies, celebrities, and artists came together to bring entertainment home to viewers to comply with the strict six-foot distancing guideline that came with quarantine during COVID-19. To put it into economic context, streaming services brought in $91.9 billion in revenue in 2020.

Although recessions are not all bad, they do have some benefits and help keep a healthy economic market and economy. While the economy may seem rough right now there is always something bright on the other side.