Recession is not over completely. In the United States, the situation is still precarious although it has improved considerably. In other parts of the world also signs of the economy improving are there. No impact of the recession has been such that it takes a while to recover. Economists say few more months to go for the economy to been on the rails.
The question that arises is will memories of recession linger on or be forgotten.
In some countries the culture thought processes are such that they tend to forget the past and make a fresh beginning. In some countries, particularly those which happen to be based upon consumerism may find it difficult to forget things so easily.
Why recession memories remain?
With million being thrown out of jobs and having nothing to survive upon except unemployment dole, naturally the memories of such sudden fall in income levels cannot be forgotten so easily. Many of those affected had families to support and had to make drastic adjustments in the life-styles. In the US many were rendered homeless as they could not pay up the mortgage.
In India also many become unemployed and recession caused much setback to many. Purchasing power declined and retailers were not able to sell many goods. Income levels came down drastically as well as the standard of living. Naturally, it is no doubt a traumatic experience, which cannot be forgotten so easily.
Memories will remain, but once the economy is on rails again and the purchasing power of the people goes up then they may not let the memories of recession haunt them. Events are forgotten and they become past events of history.
Those affected will of course feel the bitterness as naturally for them it was a tough time. Losing a job can cause much stress. Thrown onto the streets cam be traumatic. For most it is their bread and butter. They have to take care of their families. It could be very demoralizing not being able to earn. Many experienced depression and such psychological setbacks cannot be forgotten.
Recession is something that shall be part of history and will remain in the memories of the present generation, who have been victims of it.