President George Bush and Federal Reserve Chairman Ben Bernanke are calling the economic situation a "slowdown." Barack Obama says we're on "the brink of recession." Anya Kamenetz, Yahoo's Generation Debt correspondent, says everyone's affected, including people in their 20s and 30s.
"Business owners are feeling it. Traders who made so much during that big boom are feeling it," she says. "Individuals are definitely feeling it."
But, the falling dollar might have a silver lining, she says, especially if you look at it over time. "If prices go down, both in the housing market and the stock market, you can get in on the ground floor," suggests Kamenetz.
It can also help reign in American's penchant for spending more than they earn. Kamenetz has another tip for dealing with the financial crunch: take the long view.
"It's good advice," she says, "no matter where you are in your life, and in the economy."