Are we heading towards recession like 2008 wherein people have cut down their spendings and companies are laying off their employees, we can see cost-cutting everywhere, is it really a recession or just the panic about an uncertain future which is creating a gloomy atmosphere everywhere?
While the factors you are mentioning are relevant but I think the blowing out of proportion by the media is giving a lot of credence that the economy is in great turmoil and if care is not taken, people would willingly push the economy into recession themselves. Its not today that companies have started laying people off, its also not today that people have began to cultivate the culture of savings which are practically a form of life that people should just lead. So, there is no point in further aggravating the matter. If it eventually comes, we will navigate and come out strong.