It’s official 2023 Richession

[Chirupoo]

https://www.wsj.com/articles/get-ready-for-the-richcession-11672615577
 

😰😰😰😰😰😰

[MiryalgudaMaruthiRao]

ok

[godfather03]

5 minutes ago, Chirupoo said:

https://www.wsj.com/articles/get-ready-for-the-richcession-11672615577
 

😰😰😰😰😰😰

Membership kavalanta...To view the article...

[Spartan]

well-off according to American Economy ante, the households which make 150K or more.

we all immigrants fall under that basket.

below 150K vallaki subsidy lu iddam ani decide ayyaru, anduke vallaki e sari bonanza nunchi exclude chesaru.

adi matter

[Chirupoo]

4 minutes ago, Spartan said:

well-off according to American Economy ante, the households which make 150K or more.

we all immigrants fall under that basket.

below 150K vallaki subsidy lu iddam ani decide ayyaru, anduke vallaki e sari bonanza nunchi exclude chesaru.

adi matter

Hhmm correst

[godfather03]

21 minutes ago, Spartan said:

well-off according to American Economy ante, the households which make 150K or more.

we all immigrants fall under that basket.

below 150K vallaki subsidy lu iddam ani decide ayyaru, anduke vallaki e sari bonanza nunchi exclude chesaru.

adi matter

Tax lu deduction lu cut ayyinanka biscuit lu vasthunnay chethuloki...em high pay no emo...naa pindakudu

[Spartan]

8 minutes ago, godfather03 said:

Tax lu deduction lu cut ayyinanka biscuit lu vasthunnay chethuloki...em high pay no emo...naa pindakudu

42% bracket lo unte ante mari, anduke ma laga samsaara pakshamga 22-24% range lo undali. ani @Vaampire antunde

[Chirupoo]

2 minutes ago, godfather03 said:

Tax lu deduction lu cut ayyinanka biscuit lu vasthunnay chethuloki...em high pay no emo...naa pindakudu

😂… chinna salary ne muddu, peeda salary maaku voddu. Tag line tax refunds Nil 

[csrcsr]

49 minutes ago, godfather03 said:

Membership kavalanta...To view the article...

Economic downturns are usually horrible for poor people, bad for the middle class and an inconvenience for the rich. But if the economy enters a recession in 2023, or even if it manages to narrowly evade one, it might be the well-heeled who take a bigger hit than usual.

Call it the richcession.

Other than a small number of ascetics, nobody likes being poor. Doing without, living with so little savings that setbacks such as illness or job loss can be debilitating, is an ever-present source of stress. But for many poorer people, the years since the Covid crisis struck have been a bit easier financially than the years that preceded it. Several rounds of government relief helped them weather the early stages of the pandemic, and now a tight job market is providing them with wage gains that are reducing inflation’s bite. Federal Reserve figures show that the net worth of households in the bottom fifth by income was 42% higher in the third quarter than at the end of 2019, and up 17% from the end of 2021. A wage tracker developed by the Federal Reserve Bank of Atlanta shows that the 12-month moving average of annualized monthly wage growth for workers in the bottom quartile by income was 7.4% as of November.

 

With the important caveat that they were starting off from much higher bases, percentage gains for the rich have been more muted. Household net worth for the top fifth was 22% higher in the third quarter than before the pandemic, and was down 7.1% from the end of 2021—a consequence of the falling stock market. Paychecks haven’t risen as much, either, with the Atlanta Fed measure showing average annualized monthly wage growth for workers in the top quartile was 4.8%.

Recent layoffs have also inordinately affected higher-income workers. Many of the tech companies that have made headlines with layoff announcements pay extremely well. Securities filings show that the median worker at Facebook parent Meta Platforms made $295,785 in 2021, for example, while the median worker at Twitter made $232,626. And layoffs at those places where the typical worker is less well paid, such as Amazon.com, have largely been aimed at white-collar workers.

Dolce & Gabbana and other businesses that cater to the well-off might be in for disappointment.PHOTO: JOE RAEDLE/GETTY IMAGES

The consolation for higher-income workers who are laid off is that it should be relatively easier for them to find new work than it is for poorer people who lose their jobs. That is because the job skills of the more highly educated are generally more transferable than the skills of other workers. But they will still be in for a period of belt tightening, and they might not get paid quite so well at their new jobs as they were at their old ones.

---

NEWSLETTER SIGN-UP

Heard on the Street

Agenda-setting analysis and commentary on the biggest corporate and market stories.

Preview

 

 

 

 

Subscribe

---

Meanwhile, even though big-company layoffs have been making headlines, so far they haven’t made much of a dent in overall employment statistics. This is in part because industries that aren’t as well-represented in the stock market, and that typically employ more lower- and middle-income workers, are still straining to hire workers. In November the leisure and hospitality sector was 980,000 jobs short of its February 2020 employment level. Employment in healthcare and social assistance only recovered to its prepandemic levels in September. This is a job category that, in part because of the needs of an aging population, grew even when overall U.S. unemployment shot higher after the 2008 financial crisis. To return to its growth trend over the decade preceding the pandemic, it would need to add about 1.1 million jobs.

That need for workers—especially as more Americans engage in services such as dining out—is part of why even among those economists expecting a recession in the coming year, many don’t think the job market will take a severe hit. This makes poorer Americans better positioned than usual to handle a weak economy. Not only are their finances in relatively good condition, they might be less likely to experience severe job losses. 

Heading into the new year, businesses that cater to the well-off might be in for disappointment, while those that favor the hoi polloi over the hoity-toity might do better. And if there is a recession, the economy could be on much more equal footing as it begins to recover than is usually the case.

Write to Justin Lahart at [email protected]

Corrections & Amplifications
Securities filings show that the median worker at Twitter made $232,626. An earlier version of this article incorrectly said the average worker at Twitter made that amount.

[Vaampire]

2 hours ago, Spartan said:

42% bracket lo unte ante mari, anduke ma laga samsaara pakshamga 22-24% range lo undali. ani @Vaampire antunde

Tax returns vasthadi 3 months lo 🥲🥲🥲

[Spartan]

14 minutes ago, Vaampire said:

Tax returns vasthadi 3 months lo 🥲🥲🥲

e sari i might expect some thing back anukuntunna.. @Vaampire

[megadheera]

14 minutes ago, Spartan said:

e sari i might expect some thing back anukuntunna.. @Vaampire

Bayarea buffet ke return vastadante  inka IRS bankruptcy file cheyalsinde

[Spartan]

13 minutes ago, megadheera said:

Bayarea buffet ke return vastadante  inka IRS bankruptcy file cheyalsinde

property tax kattalanna second installment danike potai

[Vaampire]

48 minutes ago, Spartan said:

e sari i might expect some thing back anukuntunna.. @Vaampire

Stocks lo realized gains levu kaani crypto lo undi. Pay cheyyali nenu.

stocks lo unrealized loss bagundi ee year