The Psychological Recession is the cluster of feelings that the present is really scary and the future will likely be worse. It comes from the sense you have no control over what's happening to you and you don't see a way to get your life back under control. It's the feeling that life is unfair; you paid your dues, you worked hard, and you ended up naked and vulnerable. There is no comfort to be found in the dismissal of the Psychological Recession as being just an idea; it is a real phenomenon with real consequences, all of them bad.
I saw a ghost when I was staying at Dartington Hall in Devon in the 1960s. I think there are many different kinds of entities, some are scary and some aren't, it depends on the state of mind you're in when you are confronted. I found that quite scary because it appeared when I was asleep, so it was quite a shock, but the other ones I've encountered, I didn't find scary. I have a lot more understanding of them.