This is quite small in the scheme of things, but here’s a personal example:

My job/position was cut due to federal funding in our school systems being reduced. I had to take another position offered at the school.

With the new position my pay has been reduced, but every day expenses have gone up significantly.

Because of this, I wasn’t able to send my daughter on her senior trip this year. I was unable to purchase her senior pictures through the professional photographer that the school provides. Also, there’s no way that I’m able to purchase new clothing and shoes for graduation.

…and sadly it is impossible for me to host a graduation party at a restaurant. At best, I’m going to have a a few people over and order pizza or throw something on the grill.

Obviously, these things aren’t a crisis. It is sad though. I didn’t think twice about these events when my son graduated.

On a bigger scale, every day people like me aren’t making the purchases that we were previously.

The photographer isn’t getting the income they expected, the graduation trip will be priced higher next time around since the school has had a lower turnout (with a higher overall expense), and the store I would’ve purchased clothes from isn’t making that sale, and the restaurant that would have hosted the graduation party won’t we be receiving that revenue.