Cnbc
@cnbc·4.2M subscribers·16.1K videos
The Recession Has Finally Begun, But Only For America's Rich
Posted
October 25, 2023
Views
1,062,412
Likes
9,776
Comments
1,841
Engagement
1.09%
October 25, 2023
1,062,412
9,776
1,841
1.09%
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
Sticky inflation, white-collar layoffs, and surging interest rates are all putting pressure on a certain type of American — higher-income earners.
'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," said Greg McBride, senior financial analyst at Bankrate.com. "We haven't seen that."
The stock market, a source of wealth for the rich, struggled in 2022. The S&P 500 sank more than 19%. The same year, 1.8 million Americans lost their millionaire status, according to UBS' 2023 Global Wealth Survey. Despite the stock market's summer rally in 2023, the U.S. economy faces several headwinds.
Bank of America'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 job creation for high earners.
Watch the video above to find out more about how the so-called "richcession" could affect the entire economy.
Chapters:
Produced by: DeLon Thornton
Edited by: Evan Miller
Additional Camera: Kate Sammer, Sean Conlon, Brad Howard
Supervising Producer: Jeff Morganteen
» Subscribe to CNBC
» Subscribe to CNBC TV
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news
Follow CNBC on LinkedIn
Follow CNBC News on Facebook
Follow CNBC News on Twitter
Follow CNBC News on Instagram
#CNBC
The Recession Has Finally Begun, But Only For America's Rich
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
