I was 19 at the time and had only recently entered the workforce. I lost my part time, minimum wage job that year. Otherwise I didn't notice any significant impact on my life or the lives of my family and friends. At the time it seemed like people were overreacting. I remember being baffled that they had declared a recession. It was only years later that I even understood how bad it was.

I don't know enough about economics to have any clue how this is going to shake down.