Economic Recession Inducing Psychological Depression

[JamesS]

Hi all,

I'm wondering if there are other members on here following the financial news of the coronavirus recession, and its implications for the economy. All the economic evidence points to a severe and prolonged downturn, with high unemployment remaining for the foreseeable future (several years...).

I'm really struggling to get motivated as I am now unemployed and living off savings, and I can't see any clear indication of the economy improving. I can't find much motivation to do anything economically productive, and am only coping by instigating a self-care regime that doesn't involved any 'work'. While this is working, it does not feel sustainable.

How are people coping with this circumstance ?

Thank you

[Sophie_M]

Hey James, welcome to the Beyond Blue community. We understand your concern and anxiety around the impact of the coronavirus on our economy and what this will mean for future employment. Please know that we are here to talk through these concerns with you and to offer our support. We think it would be reassuring for you to read our Financial wellbeing webpage, it hosts a lot of useful resources such as the Covid-19 Financial Survival Guide. 

If you feel up to it, we'd also recommend reaching out to our Coronavirus Mental Wellbeing Support Service. The website will be regularly updated with information, advice and strategies to help you manage your wellbeing and mental health during this time. You can also call our dedicated support line, staffed by mental health professionals, which is available 24/7 on 1800 512 348.

We hope that you keep checking in to let us know how you're going, whenever you feel up to it. 

[Tangney]

Hello James Smith. I am in a similar position as you and have been struggling with the economic situation since March, as I was unemployed before Covid, so it was particularly distressing to me to see businesses closing and opportunities drying up. I have found some support on these forums, but I have found that my depression has been coming in waves. A few weeks ago I wasn't able to get out of bed and felt profound despair about the future. I am finding that speaking with friends is hit and miss as some are going merrily along without feeling any of the impact of these restrictions. That's where I find these forums are good for me. I have been studying the stock market a lot as this is one bright light (atm) in a see of economic disasters. I am hoping that the latest GDP figures will alert policy makers to the need for different responses to the virus (not border closures and locking people down) that will create hope as the longer this goes on, the more damaging it becomes on so many levels. I have also been reading philosophers such as John Stuart Mill, and try to get my news from a variety of sources, even from those that I disagree with, to maintain a broad view about how this is being reported and how people are thinking about it. I stopped exercising due to depression, but I know that if I could start to feel better, that hard exercise would help. It's a matter of me getting to a point where I'm well enough to get out and do it. Sadly, my park fitness group closed down in March and hasn't resumed. I took this quite badly as it was one of the things that I was doing to stay well. I was very glad when libraries reopened and I have returned to spending more time there also. I hope you are able to find a job soon. It's tough out there. Take care.

[JamesS]

Thanks Tagney,

Very appreciative of your comments.

I think the thing that depresses me the most is that many people will have to suffer in this climate, and many are not financially prepared for the medium to long-term. Its really getting to me lately, I can't really find a way to stay positive, especially when I have a (distant) memory of the 1990s recession, which many never recovered from.

I'm a trained economist, so I'm certain there's a strong material basis for what we are experiencing at the moment. The government is rolling back spending that would support a solid rebound, so I think it is likely we will see a long and ongoing recession in the labour market, even once GDP recovers. Housing prices will also likely suffer dramatic falls.

Still looking for that silver lining... guess we are all in this together.

Cheers

[ecomama]

Dear James Smith (and a wave to Tangney)

Yes, we are all in this together. I want to encourage you to visit some other threads here talking about Covid's impact and how people are handling things.

Indeed it must be difficult with your background to "ignore" news and know your own global and local economic forecast.

I became extremely anxious very early this year, skyrocketing is what I called it. My fiancee lives in America and repairs Covid testing instruments. He didn't take anything seriously until it began to hit him personally. Him not taking things seriously made me feel worse.
He became depressed just as I was seeking specialist support from a trauma psychologist for PTSD (recent and childhood trauma).

Tbh I had to go all "cave man" and withdraw from all the news.... with historical knowledge and longevity of living through recessions myself, I can virtually see where this is going. I've "action counselled" all of my many children and they understand and have taken all necessary measures ie remained in study (all but 1 child could do this) and appreciated their current employment and stayed with it regardless of how they felt.

My job was also threatened this year but God must have intervened, a major strategy was introduced and I'm the only one qualified at my workplace.

Historically when things got REALLY tough, people went into factories, mines, farming, high risk employment.
The equivalent I perceive for us at present is becoming a front line worker, NDIS support worker, still farming and ofcourse being a front line worker IS high risk. Any businesses that could go online would survive better atm.

I would do ANY type of work.

To assist better employment and to alleviate stress felt by me and my children, I went from FT to part time. Our employers requested people do this to share the jobs. So I did. I may take up part time NDIS support work if need be later.

I was prepared to draw down Super etc being a single parent with 100% care of many children.
I'll see if I need to.

We also have many other threads focusing on positivity in the Wellbeing section.

I really hope you can get another job, both of you! And hold strong through this time.

My Prayers are with you and all people doing it tough.
EM