What causes an economic recession? - Richard Coffin?

An economic recession happens when people and businesses start spending less money, like when you put your toys away because you're not as excited about playing anymore.

Imagine your piggy bank is full of coins, and every day you get some new ones from doing chores. That's how a country works, it gets money from jobs, sales, and other activities. But if suddenly you stop getting new coins, or even start using some old ones to buy candy, that’s like a recession.

• If jobs disappear, like when your favorite store closes, you might have less money to spend on toys or treats.
• If prices go up too fast, it's like getting fewer coins for the same amount of work, you can't buy as much.
• Sometimes, people get worried about the future and save more instead of spending.

It’s like a big game of tag where everyone stops running. The economy slows down, and businesses might have to cut back or even close, just like how your toy store might close if no one buys toys anymore.