Sustainability Corner: Living amidst a potential recession
Photo courtesy of Wikimedia Commons
Living sustainably doesn’t solely extend to reducing, reusing, and recycling products consumed daily. It also crucially focuses on those buying practices that cause excess harm because of their means of production. As discussed in an article last Spring semester in The Lamron, what researchers deemed “instant gratification and short-term convenience over long-term sustainability” are many of the commodities we indulge in daily on campus: anything from a vending machine snack to your favorite Starbucks order. Here, we will discuss whether using these commodities is financially sustainable under the Trump administration.
On Mar. 9, President Donald Trump was interviewed by Fox News Channel’s “Sunday Morning Futures.” When asked about the potentiality of the United States experiencing a recession, the president stated there would be a “period of transition.” News sources like CNN and CBS are labeling this period of transition as a sign of a recession as recent administration decisions have altered multiple facets of trade— via the stock market and trading partners.
USA Today best explains why this is being deemed a potential recession for the United States: “With the stock market tumbling, consumer confidence skidding, and U.S. companies ramping up layoffs, it may look like the nation is hurtling toward a recession amid President Donald Trump’s widening global trade war and federal job cuts. It isn’t – yet.” This source continues that the basis for concern is because of various tariffs, which, if fully implemented, will “sharply raise consumer prices and sap Americans’ purchasing power while ratcheting up business uncertainty, experts say, curtailing investment and hiring.”
If these concerns hold true and their potentiality is fulfilled, the effects on pricing could be drastic. As discussed in a previous article in The Lamron, some small sustainable practices like “relying on more biodegradable snack options, like fruits, making coffee at home (maybe even with a reusable coffee filter), thrifting for clothing, and buying a reusable water bottle…,” may “feel small…” but in the face of this potential, they may be the compromises you have to make in the face of financial uncertainty.
In a recent Time Magazine article talking about the recession and tips to prepare, listing “Have sufficient emergency reserves…Only make large, long-term investments if necessary…[and to] Keep contributing to your retirement fund…,” which is good practice for adults with a foundation of income under their feet.
Yet, for the average college student, the only one of these that can be utilized is saving money in preparation— cutting back wherever and whenever possible. Being prepared for what unknowns may be coming is something that every student should look into— do not just ‘wait and see,’ prepare in advance, and ensure you have the means to provide for the basic necessities if something were to occur.
For many students, these cuts will come in the form of fewer shopping outings, trips to local and global restaurants, maybe even grocery stores, and various other means of preserving one’s purchasing power. For the fortunate, this means more reliance on dining hall plans and the amenities provided through the college.
This turn of events may cause some students to feel disheartened and uncomfortable in the coming weeks —having to give up some personal pleasures— but ultimately, some wise budgetary decisions may end up allowing for retaining pleasure while ensuring the ability to avoid a predicament in the event of a price increase or a lack of access to on/off campus job opportunities.
Additionally, as always, please stay up to date and aware of this rapidly developing topic, as it may significantly impact your daily leisure/routine.