I don't know if it is just the wealthy either.

The retired middle class boomers I know are completely outside the business cycle.

While I don't think they have enough to really be considered wealthy, they have no mortgage payment, a social security check, a pension and most have a 401k.

The business cycle will not change their spending one bit.

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AnimalMuppet 10 hours ago | parent [-]

It may, a bit. If the 401k is in the stock market, and the stock market is down, their total visible money is down. That tends to decrease enthusiasm for spending.

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bryanlarsen 9 hours ago | parent [-]

It may also affect it a lot. Retirees I know have a retirement plan that involves their retirement accounts being at a specific level at the end of each year. If their accounts are over that level because the stock market had a good year, they consider it funny money that they're allowed to spend.

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tadfisher 8 hours ago | parent [-]

That's not a plan, it's a suicide note with extra steps.

	▲	addaon 7 hours ago \| parent [-]
		> That's not a plan, it's a suicide note with extra steps. Being an aging human is a suicide note. The extra steps are the entire point of retirement.