Are we coming into a recession? Evidence in “The Daily Blender”

The new b5media business channel blog, The Daily Blender, has some evidence that we are possibly entering a recession. Jennifer Heigel writes that Portland, Oregon restaurants are seeing a decline in patronage.

Baby boomers nearing retirement might be “practicing” not going out as much. And we who have lived through several recessions know that prices are not going down. This decline in business with upscale restaurants, like the decline in sales seen at Starbucks recently, is an indication that people are holding on to their discretionary income, waiting to see what will happen to the economy.

“Recession” is a self-fulfilling prophecy. If people think prices are going up and the economy is going down, then they behave in a certain way, causing prices to go up and the economy to decline. Hang on to your hats (and your coffee cups); it’s going to be a bumpy ride.