"The 'Richsession': America's Wealthy Thrive Amidst Economic Calamity"
While economic recessions typically hit lower- and moderate-income households the hardest, the current recession, dubbed the "richsession," is disproportionately affecting higher-income earners in the US. Despite the stock market's struggles in 2022 and a decline in millionaire status for many Americans, the economy still faces challenges such as sticky inflation, white-collar layoffs, and surging interest rates. High-income households are becoming more pessimistic about the economy, leading to cautious spending due to soft wage growth and slowing job creation for high earners.