There have been multiple predictions of a recession in 2023, and many experts have given ways to prepare for what’s ahead. There is a different prediction of who will lose the most if or when a recession happens this year.
According to the Wall Street Journal, the next recession could be a “richcession.” This means the wealthiest Americans are more at risk.
The Wall Street Journal mentions different signs higher earners are already suffering. High earners are being cut from major companies like Meta and Twitter. Real wage worth is declining for high-earners. Along with the layoffs, higher earners are also seeing massive stock holdings tank. On the other side, numbers are showing those on the lower end of the scale are seeing a significant pay increase. They also see an increase in more available job opportunities.
Just because wealthier Americans will feel the brunt of the recession doesn’t mean anyone should take the statement as a fact or reason to start carelessly spending. Like many top CEOs and billionaires have said, the goal is to prepare by saving as much money as possible.
Add comment