"I know WSJ has coined the term "richcession" to describe the elimination of high paying jobs and their replacement with more lower paying ones."
"Middleclasscession" would be a better term although even harder to pronounce. It seems no matter what's happening, the rich will get richer, middle class and lower will get poorer. I still can't get my head around the fact that during COVID the top x percent doubled their net worth while most of everybody else lost out.
It is hard to wrap ones head around something that did not happen.
Since Q120 net worth of top 1% (or top 0.1%, or top 10%) did not double. In fact the growth was slower than the bottom 50%. [1] There is huge inequity, and absolute numbers are in favor of super rich. But there is no need to invent your own facts.
"Middleclasscession" would be a better term although even harder to pronounce. It seems no matter what's happening, the rich will get richer, middle class and lower will get poorer. I still can't get my head around the fact that during COVID the top x percent doubled their net worth while most of everybody else lost out.