Maybe but that also assumes economies can actually be prepared for recessions. For starters, that means knowing what pieces of the economy are in a state that could trigger massive sell-offs and value destruction.
Remember that the housing bubble that led up to 2008 wasn't well-known. Granted, there were economists who were publicly saying a recession was imminent (and they weren't wrong), however they were outnumbered compared to those who were saying otherwise.
How does one get prepared in those situations? Tin foil hat, perhaps, and then pray?
Yes, but that's a direct consequence of Fed policy from the last two recessions. What we really need is to get the Fed out of monetary policy entirely.
I'm not sure I agree. The personal savings rate in the US is directly correlated with age. With Boomers having the highest rate of savings and Millennials having the lowest.
Additionally, it fell from over 7% in 2013 (where it spiked briefly above 10%) to just 3% today. But during that time, there's been no real change in Federal Reserve policies.
Remember that the housing bubble that led up to 2008 wasn't well-known. Granted, there were economists who were publicly saying a recession was imminent (and they weren't wrong), however they were outnumbered compared to those who were saying otherwise.
How does one get prepared in those situations? Tin foil hat, perhaps, and then pray?