{"id":29696,"date":"2023-10-26T08:24:53","date_gmt":"2023-10-26T08:24:53","guid":{"rendered":"https:\/\/microloannexus.com\/news\/how-the-long-awaited-recession-became-a-richsession-for-americas-wealthy\/"},"modified":"2023-10-26T08:24:54","modified_gmt":"2023-10-26T08:24:54","slug":"how-the-long-awaited-recession-became-a-richsession-for-americas-wealthy","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=29696","title":{"rendered":"How the long-awaited recession became a &#8216;richsession&#8217; for America&#8217;s wealthy"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>Sticky inflation, white-collar layoffs, and surging interest rates are all putting pressure on a certain type of American \u2014 higher-income earners.<\/p>\n<p>&#8220;What we normally see in an economic recession is that lower- and moderate-income households really bear the brunt of it in terms of job losses and financial hardships,&#8221; said Greg McBride, senior financial analyst at Bankrate.com. &#8220;We haven&#8217;t seen that.&#8221;<\/p>\n<p>The stock market, a source of wealth for the rich, struggled in 2022. The <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-2\">S&amp;P 500<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> sank more than 19%. The same year, 1.8 million Americans lost their millionaire status, according to UBS&#8217; 2023 Global Wealth Survey. Despite the stock market&#8217;s summer rally in 2023, the U.S. economy still faces several headwinds. <\/p>\n<p>Bank of America&#8217;s Consumer Checkpoint Survey for September 2023 found that high-income households have become more pessimistic about the economy. The same group also appears more cautious about spending because of soft wage growth and slowing job creation for high earners. <strong><\/strong><\/p>\n<p>Watch the video above to find out more about how the so-called &#8220;richcession&#8221; could affect the entire economy.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/10\/25\/recession-vs-richsession-why-americas-rich-face-economic-headwinds.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sticky inflation, white-collar layoffs, and surging interest rates are all putting pressure on a certain type of American \u2014 higher-income earners. &#8220;What we normally see in an economic recession is that lower- and moderate-income households really bear the brunt of it in terms of job losses and financial hardships,&#8221; said Greg McBride, senior financial analyst<\/p>\n","protected":false},"author":1,"featured_media":29697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-29696","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How the long-awaited recession became a &#039;richsession&#039; 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