But major economic changes in business and peoples lives, I would say it's happening right now.
I have been seeing this locally now for months with no end in site. Less people in resturants, parents skipping meals and smaller towns used to having weekend tourists are seeing less business as people dip further into savings like 401K' and IRA's to pay for the increases in food and fuel.
Business owners have less retained profit to put back into the business and give salary increases which are less and not as frequent.
It is snowballing at a rapid rate as the "Ants" save for what the "Grasshoppers" can't foresee.
2OOO F-250 4WD Crew Cab, 267,000K miles,
Stock. Replaced #1 Injector/harness, Starter Relay,CPS(twice), GPR, VSS, S-Belt, Alternator, H2O Pump. AIS Severe Duty Filter, Bilsteins, Heater shutoff valve, Rotella Syn, Nitto TG's 305/55 on Eagle 20x10's, Mobil 1 ATF,Walker BTM, Mesa, Arizona