{"id":35781,"date":"2022-11-21T08:10:53","date_gmt":"2022-11-21T08:10:53","guid":{"rendered":"http:\/\/egrowonline.com\/?p=35781"},"modified":"2022-11-21T08:10:53","modified_gmt":"2022-11-21T08:10:53","slug":"amazon-founder-jeff-bezos-advises-what-consumers-and-businesses-should-do-as-recession-looms-economics-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=35781","title":{"rendered":"Amazon Founder Jeff Bezos Advises What Consumers and Businesses Should Do as Recession Looms \u2013 Economics Bitcoin News"},"content":{"rendered":"


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Amazon founder and former chief executive Jeff Bezos has given some advice to consumers and small businesses about what they should do given that the U.S. economy is either already in a recession or is headed into one \u201cvery soon.\u201d The billionaire said: \u201cThe economy does not look great right now. Things are slowing down. You\u2019re seeing layoffs in many, many sectors of the economy.\u201d<\/strong><\/p>\n

Jeff Bezos on U.S. Economy and How People Should Prepare for a Recession<\/h2>\n

Jeff Bezos, founder and former CEO of retail giant Amazon, shared his view about the U.S. economy heading into a recession and what consumers and small businesses should do in an interview with CNN last week.<\/p>\n

Responding to a question about whether the U.S. is in a recession and what his advice would be for small businesses, the billionaire, who currently serves as Amazon\u2019s executive chair, cautioned:<\/p>\n

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The economy does not look great right now. Things are slowing down. You\u2019re seeing layoffs in many, many sectors of the economy.<\/p>\n<\/blockquote>\n

While admitting that he does not know \u201cwhether we are technically in a recession,\u201d citing that economists have argued over that topic, he emphasized: \u201cThe probabilities say if we are not in a recession right now, we are likely to be in one very soon.\u201d<\/p>\n

\u201cMy advice to people,\u201d including small business owners, is \u201ctake some risks off the table,\u201d Bezos said, adding:<\/p>\n

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If you were going to make a purchase, maybe slow down that purchase a little bit. Keep some dry powder on hand, wait a bit, and see. Try to reduce some risk in your business or your life.<\/p>\n<\/blockquote>\n

\u201cIf you are an individual and you\u2019re thinking of buying a large screen TV, maybe slow that down, keep that cash, and see what happens. Same thing with a refrigerator or a new car, whatever, just take some risk off the table,\u201d Bezos advised.<\/p>\n

\u201cIf you are a small business, maybe delay some capital purchases \u2026 have some cash on hand. Just a little bit of risk reduction can make a difference for that small business if we do get into even more serious economic problems. You\u2019ve got to play probabilities a little bit,\u201d the Amazon executive chair suggested.<\/p>\n

Bezos was also asked about how long he thinks this recession could last. \u201cI don\u2019t think even the most experienced economist in the world could answer that question,\u201d he responded, elaborating:<\/p>\n

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You just have to try and be reasonable about it, take as much risk off the table as you can \u2026. hope for the best but prepare for the worst.<\/p>\n<\/blockquote>\n

In October, Bezos commented on Goldman Sachs CEO David Solomon stating that there is a good chance<\/a> of a recession. The Amazon executive tweeted at the time: \u201cYep, the probabilities in this economy tell you to batten down the hatches.\u201d<\/p>\n

A recent survey shows that 98% of chief executives are preparing<\/a> for a U.S. recession. Some people are expecting a severe recession, such as renowned investor Jim Rogers who believes that it will be the worst recession<\/a> in his lifetime. Economist Peter Schiff warned that the Federal Reserve\u2019s action could lead to market crashes, a massive financial crisis, and a severe<\/a> recession. However, the White House<\/a> is not preparing for a recession. President Joe Biden<\/a> recently claimed that the U.S. economy is \u201cstrong as hell.\u201d<\/p>\n

What do you think about the comments by Amazon founder Jeff Bezos? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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