What does a potential recession mean for residents?

[Espressso]

Yesterday there was news about the inverted yield curve for the first time in years. I'm no expert on this but it tends to be fairly predictive of potential recessions in the US. From some articles I've read, people are speculating in around two years.

This got me thinking, in two years I'll be a PGY1 and I'm curious how a recession would impact residents and newly graduates of medical school.

Bonus points for physicians who were in residency 10 years ago during the '07/08 recession. Does it impact residents or work in a hospital at all? I'd assume resident pay is fairly secured as long as CMS is funded. But I'm curious if we would see more hospital closures? Higher hospital work load?

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[Shuazaki]

Just a medical student, so take with a grain of salt, but potentially, it could mean a harder job market. According to some posts on this site, when the 2008 crash happened, a number of physicians held off on retirement to rebuild finances, which tightened the expected number of jobs for doctors finishing residency.

 

[SurfingDoctor]

Nothing. I was a resident during the last recession. Lock in those interest rates when/if the bottom falls out though.