Markets Insider recently published this article about how the US might be heading into a major recession.

According to the article, Professor Jeremy Siegel is claiming that the Federal Reserve doesn’t see that inflation rates are easing, therefore, the Federal Reserve plans to increase interest rates to combat what they see as high inflation rates, and Siegal believes that this will push the economy into the red.

In other words, Siegel is saying that by raising interest rates and making things more expensive, the Federal Reserve is trying to slow down consumer spending to prevent the economy from crashing if it grows too fast.

Think of it like putting more pressure on the brakes to slow down a car so you don’t hit the vehicle in front of you. Regular people tend to like being able to spend money freely, but in doing so, the economy—think of it again like the car—goes faster, causing inflation rates to go up as demand for products goes up. If consumer spending isn’t slowed by higher interest rates put forth by the Federal Reserve, the economy will crash—just like the car.

So now one of the major questions for us is: How can we combat a recession? In other words, how can we weather the storm, or even try to limit its effects, when we are just ordinary people?

1. Try to refrain from spending too much but at the same time not to be too afraid of spending. In a recession, customers and businesses may be too scared to spend money, but also remember, less spending contributes to a deeper recession, and how long it occurs for.
2. Spend money on right things and in right directions, such as paying off debt, or investing in improvements or good safety nets for yourself or your business.
3. Show your value at work. Without showing value, it would be hard for anyone to be safe at any workplace at a recession. During a recession, even Google or Facebook would lay off employees too. Therefore, it’s important to do your best and secure your current position.

Language Service Providers aren’t just responsible for their business, but also for their employees and their families. Weathering a recession is incredibly important for our business, so what can LSPs do?

1. Remember that language services as a need aren’t going to disappear, so don’t panic. With our increasingly globalized world, language service requests can come from virtually anywhere, even outside of the United States.
2. Cut costs where you can, but treat your employees—and your vendors—well. Employees are the backbone of every company, and one that is treated well will want to give back in every way that they can. Besides, letting go of good employees only to be looking to hire later and train someone new costs time and energy as well.
3. As a business, we often think a recession presents opportunities as well. We should all be more careful and thoughtful in planning and looking ahead to contribute to the health of our company.