The US economy is experiencing a "selective recession" where lower-income Americans are struggling due to rising costs and dwindling savings, while upper-income consumers remain unaffected. Inflation, although cooling down, has significantly impacted the purchasing power of lower and middle-income individuals. With the pandemic savings having been depleted for most Americans, recession fears are now growing as the job market weakens and interest rates remain high.
This is what all recessions are like lmao, I don't think upper income consumers were particularly affected during dot com or 08 either. In the case of 08 probably good cause they had enough savings to buy the dip on housing
totally. I worked for this 1% idle rich psycho at the time, and the impact he had from '08 meant that his accountant recommended a minor decrease in his monthly trust fund draw for a quarter, so when his wife blew $40,000 in a weekend at some 5 star hotel / shopping spree, he was grumpy for a week, especially on payday.
Women be shopping
We've hit the official recession stats several times but the high priests of capital didn't like it so they just said, "nuh-uh".