It is still too early to say for sure if we are in a richcession. The term "richcession" was coined in early 2023 to describe a recession that disproportionately hurts rich people. The idea is that the wealthy are more likely to be invested in assets that are vulnerable to a downturn, such as stocks and real estate. They are also more likely to be affected by job losses in the financial sector and other high-paying industries.So far, there is some evidence to suggest that we may be in a richcession. The unemployment rate for high-wage earners has been rising faster than the unemployment rate for low-wage earners. And the stock market has been volatile, with some high-flying tech stocks seeing significant declines.However, it is important to note that the economy is still growing, albeit...
Comments
2