Well from where I am sitting, in a relatively secure flying job...the "non recession" that we are experiencing means...
My minimum mortgage repayments have dropped by hundreds of dollars a month meaning that by keeping my repayment the same I am getting further ahead on paying off my mortgage.
Petrol prices have dropped back to reasonable levels saving me quite a lot of money each week.
Inflation has slowed by about 2.5% meaning things are not getting more expensive as quickly, which saves me money.
My company workload has slowed down a little meaning I get more days on reserve without being called.
Restaurants, bars and retail outlets are offering discounts to attract business, thereby saving me money.
My superannuation fund has gone backwards but since I don't retire for another 30 years I think I can make it up.
So overall, from a purely personal, selfish point of view,
I am better off now than at the height of the boom when interest rates, petrol; and inflation were eating into my income.
Now I realise that many people are losing their jobs and those that are close to retirement will be hurting with their superannuation fund losing capital, for this I am sorry and you have my sympathy.
The media are loving all this doom and gloom and plenty of people are buying into it. Yes the US and parts of Europe are stuffed BUT we are riding the resource boom and unless China and Japan stop buying we will survive. Some suggest that the US and Europe are not buying Chinese product and so they will tank as well, not really, their domestic demand is huge. The media headlines talk about 30-50% drops in value since last year in x y and z but last year was artificially high so the drop looks much much worse than it actually is.
Ultimately all these expert economic analysts who are predicting the end of the world actually KNOW sweet FA. How many saw this coming?