Significant drops in the New York Stock Exchange have led many people to believe that the U.S. economy is about to enter a recession. And, with the almighty dollar on the line, college students’ great endeavors of purchasing PlayStation 3s by the truckload may be offset.

Concern surrounding a potential recession is unsurprising, considering that most college students either rely on their families, whose wealth is likely impacted by the market, to pay for college; or, they take out student loans, which are invariably affected by the economy.

But, for some reason, I’m not that worried. After comparing today’s economy with that of 2002, I see no need to abandon my PS3 aspirations.

After the attacks of Sept. 11, 2001, many lost wealth. Companies went bankrupt, and feelings of remorse and panic filled consumers’ minds and wallets. The fabric of international politics hung by a thread.

By comparison, the current economic situation, while certainly not the most optimistic, seems to be a natural deviation. I predict that the market will correct itself within a few months.
It is important to note that a moderate recession, what I call a mini-cession, is the result of decline in growth, rather than losses. During a mini-cession, the market climbs at a slower pace and investors feel less confident with recessed levels of growth. The market does not spiral downward.

Let’s consider the response to the current mini-cession. Within weeks of a deep drop in the NYSE, Congress proposed and passed a stimulus package. Now, I don’t expect this package to eradicate all of our economic woes, but a few hundred dollars for each taxpayer is enough to assuage some tension concerning the market.

This legislation seems to be the first of many steps to help the market recover. In addition to cuts in interest rates, this stimulus package ought to have a synergistic effect, alleviating the market’s struggles and inducing a state of preservation. This will give the market time to recover as consumers slowly spend their way back.

Even more convincing is the fact that, for the first time in months, presidential candidates are addressing econom-ic concerns. The biggest impact of the current mini-cession is that it will force presidential candidates on both fronts to present clearer, more resolute policies that will help strengthen the economy.

And now, students, let’s consider how the stock market directly affects us. I doubt that a large percentage of undergraduates have initial public offerings and long-term options in the biomedical sector, so I do not expect that student morale will take a serious dip as a result of this mini-cession.

I admit that the market is not at its strongest; however, I advocate that students who are concerned take an optimistic outlook and understand that the reasons for the mini-cession are predictable.

On the bright side, a mini-cession may be the perfect opportunity for students to make their first investments (buy low and sell high, as my dad would say), as investors slowly start to push up stock prices. With lower interest rates, students may come together and set money aside to buy property.

This is not a full-fledged recession. The stagnant economic state is the result of long-term factors, which investors have anticipated for several months. Quick, robust responses from Congress and the Federal Reserve have relegated a potential emergency situation to a necessary mini-cession, which will slowly pass in the following weeks and months.

Now, pursue your personal economic aspirations-especially if those aspirations have the capability of playing Blu-Ray discs.

R.H. Popli is a sophomore in the College of Arts and
Sciences.