While economists on the left continue to say "we are likely heading" into a recession, even though we've already been in one for months, there is something different that we are going to see here in 2023.
It's called a Rich-cession.
"This is certainly hitting everyone right now" said EJ Antoni, economist with the Heritage Foundation, "It doesn't matter how much you make, it doesn't matter how much you have in assets. Everyone is certainly feeling the pinch from inflation."
Recession's are not good, especially for the poor and the middle class. But this time around, the wealthy are going to be hurt more than usual. One reason why is, high-income workers are losing their jobs.
"We're already seeing businesses for example, slow down hiring's, some businesses have already begun layoffs" Antoni told KTRH, "And they're firing the marginal worker first. In other words, those who add the least amount of value, relative to their salaries."
It's going to be a rare recession, where the economy will actually be on more of a level playing field.
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