"I know WSJ has coined the term "richcession" to describe the elimination of high paying jobs and their replacement with more lower paying ones."

"Middleclasscession" would be a better term although even harder to pronounce. It seems no matter what's happening, the rich will get richer, middle class and lower will get poorer. I still can't get my head around the fact that during COVID the top x percent doubled their net worth while most of everybody else lost out.