Homemade barbecue pork chops. Katy Perry performs onstage during the Katy Perry The Lifetimes Tour 2025. A woman checks her receipt while exiting a store.
iStock| Theo Wargo | Hispanolistic | Getty Images
A few weeks ago, as Kiki Rough felt increasingly concerned about the state of the economy, she began thinking about previous periods of financial hardship.
Rough thought about the skills she learned about making groceries stretch during the tough times that accompanied past economic downturns. Facing similar feelings of uncertainty about the country’s financial future, she began making video guides to recipes from cookbooks published during previous recessions, depressions and wartimes.
The 28-year-old told followers that she is not a professional chef, but instead earned her stripes by learning to cook while on food stamps. From Rough’s yellow-and-black kitchen in the Chicago suburbs, she teaches viewers how to make cheap meals and at-home replacements for items like breakfast strudel or donuts. She often reminds people to replace ingredients with alternatives they already have in the pantry.
“I keep seeing this joke over and over in the comments: The old poors teaching the new poors,” Rough told CNBC. “We just need to share knowledge right now because everyone is scared, and learning is going to give people the security to navigate these situations.”
The self-employed consultant’s videos quickly found an audience on TikTok and Instagram. Between both platforms, she’s gained 350,000 followers and garnered about 21 million views on videos over the last month, by her count.
President Donald Trump’s announcement of broad and steep tariffs earlier in April has ratcheted up fears of the U.S. economy tipping into a recession in recent weeks. As Americans like Rough grow increasingly worried about the road ahead, they are harking back to the tips and tricks they employed to scrape by during dark financial chapters like the global financial crisis that exploded in 2008.
Google is predicting a spike in search volumes this month for terms related to the recession that came to define the late 2000s. Searches for the “Global Financial Crisis” are expected to hit levels not seen since 2010, while inquiries for the “Great Recession” are slated to be at their highest rate since the onset of the Covid pandemic.
Porkchops, house parties and jungle juice
On TikTok, a gaggle of Millennials and Gen Xers has stepped into the roles of older siblings, offeringflashbacks and advice to younger people on how to pinch pennies. Some Gen Zers have put out calls to elders for insights on what a recession may feel like at this stage of life, having been too young to feel the full effects of the financial crisis.
“This is, potentially, at least on a large scale, the first time that millennials have been able to be the ‘experts’ on something,” said Scott Sills, a 33-year-old marketer in Louisiana. “We’re the experts on getting the rug pulled out from under us.”
Those doling out the advice are taking a trip down memory lane the to tail-end of the aughts. Cheap getaways to Florida were the norm instead of lush trips abroad. They had folders for receipts in case big-ticket purchases went on sale later. Business casual outfits were commonplace at social events because they couldn’t afford multiple styles of clothing.
Porkchops were a staple dinner given their relative affordability, leading one creator to declare that they “taste like” the Great Recession. They drank “jungle juice” at house parties, a concoction of various cheap liquors and mixers, instead of cocktails at bars.
“There’s things that I didn’t realize were ‘recession indicators’ the first time around that I thought were just the trends,” said M.A. Lakewood, a writer and professional fundraiser in upstate New York. “Now, you can see it coming from 10 miles away.”
Customers shop for produce at an H-E-B grocery store on Feb. 12, 2025 in Austin, Texas.
Brandon Bell | Getty Images
To be sure, some of the discourse has centered around how inflationary pressures have made a handful of these hacks defunct. Some content creators pointed out that the federal minimum wage has sat at $7.25 per hour since 2009 despite the cost of living skyrocketing.
Kimberly Casamento recently began a TikTok series walking viewers through recipes from a cookbook that was focused on affordable meals published in 2009. The New Jersey-based digital media manager said she’s found costs for what were then considered low-budget meals ballooning between about 100% and 150%. In addition to sharing the price changes, the 33-year-old gives viewers some tips on how to keep costs down.
“Every aspect of life is so expensive that it’s hard for anybody to survive,” Casamento said. “If you can cut the cost of your meal by $5, then that’s a win.”
‘A very human thing’
This type of communal knowledge-sharing is common during times of economic belt tightening, according to Megan Way, an associate professor at Babson College who studies family and intergenerational economics. While conversations about how to slash costs or to make meals stretch typically took place among neighbors in the late 2000s, Way said it makes sense that they would now play out in the digital square with the rise of social media.
“It’s a very human thing to reach out to others when things are feeling uncertain and try to gain on their experience,” Way said. “It can really make a difference for feeling like you’re moving forward a little prepared. One of the worst things for an economy is absolute fear.”
Read more CNBC analysis on culture and the economy
Way said that Americans are quick to look back to the Great Recession for a guide because that downturn was so shocking and widely felt. However, she said there’s key differences between that economic situation and what the U.S. is facing today, such as the absence of bad debt that sparked the housing market’s crash.
Still, she said there’s broad uncertainty felt today on several fronts — be it tied to the economy, geopolitics or domestic policy priorities like slashing the federal workforce or limiting immigration. That can reignite the feeling of unpredictability about what the future will bring that was paramount during the Great Recession, Way said.
In 2025, it’s clear that economic confidence among the average American is rapidly souring. The University of Michigan’s index of consumer sentiment recorded one of its worst readings in more than seven decades this month.
With that negative economic outlook comes rising stress. When Lukas Battle made a satirical TikTok about feeling like divorces were increasingly common around the time of the Great Recession, the 27-year-old’s comments were abuzz with people talking about their parents splitting recently. (Though divorce has been seen as a cultural hallmark of the financial crisis, data shows the rate actually declined during this period.)
“There’s a second round of divorces happening as we speak,” Battle said.
Cultural parallels
That’s one of several parallels social media users have drawn between the late aughts and today. When videos surfaced of a group dancing to Doechii’s hit song “Anxiety,” several commenters on X reported feeling déjà vu to when flashmob performances were common.
Disney‘s reboot of the animated show “Phineas and Ferb,” which originally premiered in the late 2000s, similarly put the era top of mind.
Lady Gaga performing at Coachella 2017
Getty Images | Christopher Polk
“Recession pop,” a phrase mainly referring to the subgenre of trendy music that dropped during the Global Financial Crisis, has caught a second wave over the past year as Americans contended with inflation and high interest rates.
In 2008, artists such as Miley Cyrus, Lady Gaga and Katy Perry regularly appeared on the music charts. Both Cyrus and Gaga have released new songs this year. Perry kicked off a world tour this week.
“It’s almost a permission to feel good, whether that’s through song or something,” said Sills, the marketer in Louisiana. “It’s not necessarily ignoring the problems that are here, but just maybe finding some sort of joy or fun in the midst of all of it.”
NORMALLY, GAVIN NEWSOM is loose. The Democratic governor of California talks with a staccato cadence, often flitting from one incomplete thought to the next. When he talks to journalists or asks a guest on his podcast a meandering question, he tends to use a lot of meaningless filler words: “in the context of” is a frequent Newsomism. But on June 10th he was clear and direct. “This brazen abuse of power by a sitting president inflamed a combustible situation,” he said during a televised address after President Donald Trump deployed nearly 5,000 troops to Los Angeles to quell protests over immigration raids. “We do not want our streets militarised by our own armed forces. Not in LA. Not in California. Not anywhere.”
A woman shops at a supermarket on April 30, 2025 in Arlington, Virginia.
Sha Hanting | China News Service | Getty Images
Consumers in the early part of June took a considerably less pessimistic about the economy and potential surges in inflation as progress appeared possible in the global trade war, according to a University of Michigan survey Friday.
The university’s closely watched Surveys of Consumers showed across-the-board rebounds from previously dour readings, while respondents also sharply cut back their outlook for near-term inflation.
For the headline index of consumer sentiment, the gauge was at 60.5, well ahead of the Dow Jones estimate for 54 and a 15.9% increase from a month ago. The current conditions index jumped 8.1%, while the future expectations measure soared 21.9%.
The moves coincided with a softening in the heated rhetoric that has surrounded President Donald Trump’s tariffs. After releasing his April 2 “liberation day” announcement, Trump has eased off the threats and instituted a 90-day negotiation period that appears to be showing progress, particularly with top trade rival China.
“Consumers appear to have settled somewhat from the shock of the extremely high tariffs announced in April and the policy volatility seen in the weeks that followed,” survey director Joanne Hsu said in a statement. “However, consumers still perceive wide-ranging downside risks to the economy.”
To be sure, all of the sentiment indexes were still considerably below their year-ago readings as consumers worry about what impact the tariffs will have on prices, along with a host of other geopolitical concerns.
On inflation, the one-year outlook tumbled from levels not seen since 1981.
The one-year estimate slid to 5.1%, a 1.5 percentage point drop, while the five-year view edged lower to 4.1%, a 0.1 percentage point decrease.
“Consumers’ fears about the potential impact of tariffs on future inflation have softened somewhat in June,” Hsu said. “Still, inflation expectations remain above readings seen throughout the second half of 2024, reflecting widespread beliefs that trade policy may still contribute to an increase in inflation in the year ahead.”
The Michigan survey, which will be updated at the end of the month, had been an outlier on inflation fears, with other sentiment and market indicators showing the outlook was fairly contained despite the tariff tensions. Earlier this week, the Federal Reserve of New York reported that the one-year view had fallen to 3.2% in May, a 0.4 percentage point drop from the prior month.
At the same time, the Bureau of Labor Statistics this week reported that both producer and consumer prices increase just 0.1% on a monthly basis, pointing toward little upward pressure from the duties. Economists still largely expect the tariffs to show impact in the coming months.
The soft inflation numbers have led Trump and other White House officials to demand the Fed start lowering interest rates again. The central bank is slated to meet next week, with market expectations strongly pointing to no cuts until September.
LONDON, UNITED KINGDOM – MARCH 26, 2025: Britain’s Chancellor of the Exchequer Rachel Reeves leaves 11 Downing Street ahead of the announcement of the Spring Statement in the House of Commons in London, United Kingdom on March 26, 2025. (Photo credit should read Wiktor Szymanowicz/Future Publishing via Getty Images)
Britain’s government is planning to ramp up public spending — but market watchers warn the proposals risk sending jitters through the bond market further inflating the country’s $143 billion-a-year interest payments.
U.K. Finance Minister Rachel Reeves on Wednesday announced the government would inject billions of pounds into defense, healthcare, infrastructure, and other areas of the economy, in the coming years. A day later, however, official data showed the U.K. economy shrank by a greater-than-expected 0.3% in April.
Funding public spending in the absence of a growing economy, leaves the government with two options: raise money through taxation, or take on more debt.
One way it can borrow is to issue bonds, known as gilts in the U.K., into the public market. By purchasing gilts, investors are essentially lending money to the government, with the yield on the bond representing the return the investor can expect to receive.
Gilt yields and prices move in opposite directions — so rising prices move yields lower, and vice versa. This year, gilt yields have seen volatile moves, with investors sensitive to geopolitical and macroeconomic instability.
Official estimates show the government is expected to spend more than £105 billion ($142.9 billion) paying interest on its national debt in the 2025 fiscal year — £9.4 billion higher than at the the time of the Autumn budget last year — and £111 billion in annual interest in 2026.
The government did not say on Wednesday how its newly unveiled spending hikes will be funded, and did not respond to CNBC’s request for comment about where the money will come from. However, in her Autumn Budget last year, Reeves outlined plans to hike both taxes and borrowing. Following the budget, the finance minister pledged not to raise taxes again during the current Labour government’s term in office, saying that the government “won’t have to do a budget like this ever again.”
Andrew Goodwin, chief U.K. economist at Oxford Economics, said Britain’s government may be forced to go even further with its spending plans, with NATO poised to hike its defense spending target for member states to 5% of GDP, and once a U-turn on winter fuel payments for the elderly and other possible welfare reforms are factored in.
Additionally, Goodwin said, the U.K.’s Office for Budget Responsibility is likely to make “unfavorable revisions” to its economic forecasts in July, which would lead to lower tax receipts and higher borrowing.
“If recent movements in financial market pricing hold, debt servicing costs will be around £2.5bn ($3.4 billion) higher than they were at the time of the Spring Statement,” Goodwin warned in a note on Wednesday.
‘Very fragile situation’
Mel Stride, who serves as the shadow Chancellor in the U.K.’s opposition government, told CNBC’s “Squawk Box Europe” on Thursday that the Spending Review raised questions about whether “a huge amount of borrowing” will be involved in funding the government’s fiscal strategies.
“[Government] borrowing is having consequences in terms of higher inflation in the U.K. … and therefore interest rates [are] higher for longer,” he said. “It’s adding to the debt mountain, the servicing costs upon which are running at 100 billion [pounds] a year, that’s twice what we spend on defense.”
“I’m afraid the overall economy is in a very weak position to withstand the kind of spending and borrowing that this government is announcing,” Stride added.
Stride argued that Reeves will “almost certainly” have to raise taxes again in her next budget announcement due in the autumn.
“We’ve ended up in a very fragile situation, particularly when you’ve got the tariffs around the world,” he said.
Rufaro Chiriseri, head of fixed income for the British Isles at RBC Wealth Management, told CNBC that rising borrowing costs were putting Reeves’ “already small fiscal headroom at risk.”
“This reduced headroom could create a snowball effect, as investors could potentially become nervous to hold UK debt, which could lead to a further selloff until fiscal stability is restored,” he said.
Iain Barnes, Chief Investment Officer at Netwealth, also told CNBC on Thursday that the U.K. was in “a state of fiscal fragility, so room for manoeuvre is limited.”
“The market knows that if growth disappoints, then this year’s Budget may have to deliver higher taxes and increased borrowing to fund spending plans,” Barnes said.
However, April LaRusse, head of investment specialists at Insight Investment, argued there were ways for debt servicing burdens to be kept under control.
The U.K.’s Debt Management Office, which issues gilts, has scope to reshape issuance patters — the maturity and type of gilts issued — to help the government get its borrowing costs under control, she said.
“With the average yield on the 1-10 year gilts at c4% and the yield on the 15 year + gilts at 5.2% yield, there is scope to make the debt financing costs more affordable,” she explained.
However, LaRusse noted that debt interest payments for the U.K. government were estimated to reach the equivalent of around 3.5% of GDP this fiscal year, and that overspending could worsen the burden.
“This increase is driven not only by higher interest rates, which gradually translate into higher coupon payments, but also by elevated levels of government spending, compounding the fiscal burden,” she said.