- Lower-income groups were the first to get hit hard by surging inflation and recession fears.
- Now, 40-year high inflation and rising recession odds are growing concerns for the middle class too.
- Many of them are cutting back spending and trading down, even frequenting dollar stores.
When anesthesiologist June Lee’s friend asked if she wanted to go to a baseball game earlier this summer, she paused.
The seats were considered “cheap seats,” but they were still $100 per ticket (she needed four for her family), plus the cost of any food, beer and transportation. Weighed against the soaring prices of everything, a double-digit decline in her 401(K) balances and potential recession, she said thanks. But no thanks.