An expected recession in the US will hit the richest Americans harder than those at the bottom, the Wall Street Journal said this week, coining the term “richcession” to describe the phenomenon. But analysts say there are reasons to believe any coming recession would unfold like the ones before, hurting the poorest the most.
Even if economists are not quite unanimous in forecasting a US recession in 2023, there is little doubt that growth will slow significantly. In this context, a “richsession” would make a big difference from the “usual pattern, in which the poorest are first to suffer”, noted David Philippy, a historian specialising in US economic thought at CY Cergy Paris University.
