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Big companies are announcing layoffs, home and stock prices are wobbling, inflation is squeezing household budgets and the Federal Reserve is still raising interest rates. Not surprisingly, Americans have been hearing the “R” word a lot. It’s the wrong one. 

The U.S. could still skirt a recession, but it is already in a

richcession. That’s when, amid economic uncertainty, the well-off feel more of the bite. 

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