One of the eternal truths of financial crises and recessions is that it hits the working class the most, then the middle class and the richest 10% or so are hit the least. This is so because the working class tend to lose their jobs in a recession or a crisis and since they tend to have much fewer savings than the middle class, they immediately face a massive decline in their financial circumstances. Middle-class families tend to have most of their wealth in their homes and hence, declining house prices tend to hurt them more than working-class or rich households.
The crisis that didn’t hit the middle class
The crisis that didn’t hit the middle class
The crisis that didn’t hit the middle class
One of the eternal truths of financial crises and recessions is that it hits the working class the most, then the middle class and the richest 10% or so are hit the least. This is so because the working class tend to lose their jobs in a recession or a crisis and since they tend to have much fewer savings than the middle class, they immediately face a massive decline in their financial circumstances. Middle-class families tend to have most of their wealth in their homes and hence, declining house prices tend to hurt them more than working-class or rich households.