If a recession is triggered in the United States and Europe, it will be very drastic

If the cyclical slowdown in the economy in the United States and the euro zone turns into a recession, it could be drastic and deep, considering that: Debt ratios are high; Fiscal and monetary policies would not be able to become countercyclical, and monetary policy would even be procyclical; The high required return on equity for shareholders would lead to a drastic adjustment in employment; In the United States, a correction in the equity market would have a large negative effect on demand.