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For those who don’t already know, recession is upon us. And uber-investor, Warren Buffett thinks it’s going to be worse than most predict:

The United States is already in a recession and it will be longer as well as deeper than many people expect, U.S. investor Warren Buffett said in an interview published in German magazine Der Spiegel on Saturday.

He said the United States was “already in recession” and added: “Perhaps not in the sense that economists would define it” with two consecutive quarters of negative growth.

“But the people are already feeling the effects,” said Buffett, the world’s richest man. “It will be deeper and last longer than many think.”

One group “already feeling the effects” is young people. The market for summer jobs is worse than at any time in the past 50 years:

As the forces of economic downturn ripple widely across the United States, the job market of 2008 is shaping up as the weakest in more than half a century for teenagers looking for summer work, according to labor economists, government data and companies that hire young people.

This deterioration is jeopardizing what many experts consider a crucial beginning stage of working life, one that gives young people experience and confidence along with pocket money.

Little more than one-third of the 16- to 19-year-olds in the United States are likely to be employed this summer, the smallest share since the government began tracking teenage work in 1948, according to a research paper published by the Center for Labor Market Studies at Northeastern University in Boston. That is a sharp drop from the 45 percent level of teenage employment reached in 2000.

At what point does a recession become a depression?

Political Cartoon
John Cole
The Times-Tribune
May 24, 2008

Buffett sees “long, deep” U.S. recession
Erik Kirschbaum

Toughest Summer Job Is Finding One
Peter S. Goodman
The New York Times