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You know that the upper middle class is the one that loses the most in these recessions, their risks of slipping into poverty rise drastically. Recessions caus
by troughway 6y ago
You know that the upper middle class is the one that loses the most in these recessions, their risks of slipping into poverty rise drastically.
Recessions cause the movement of money to slow down, that's why getting out of a recession is so hard. Nobody wants to spend money, especially those on the brink.
The entire thing is one big spiral, whether or not it's caused by an actual economic downturn or an external actor (in our case, this whole COVID-19 tragedy), the result is the same.
- pmiller2 6y ago> You know that the upper middle class is the one that loses the most in these recessions, their risks of slipping into poverty rise drastically. This is an interesting, and certainly plausible assertion, but do you have data backing it up?
- troughway 6y agohttps://www.brookings.edu/blog/up-front/2018/12/04/how-the-great-recession-hurt-the-middle-class-twice/ https://www.brookings.edu/blog/up-front/2018/12/04/how-the-g... https://www.telegraph.co.uk/news/politics/7892788/Middle-class-had-biggest-losses-from-financial-crisis.html https://www.telegraph.co.uk/news/politics/7892788/Middle-cla... Most recessions/economic downturns have the same story - Great Recession, 1980s, 2008, recent ones.
- pmiller2 6y agoI didn't see anything about middle class people slipping into poverty in those links.