At least for richer people the Recession might not happen anytime soon.

Why?

Because for example, many people use American Express Cards because the credit limits can be 50,000 Dollars to 75,000 Dollars or more and American Express goes to bat for it's clients in a very aggressive way often.

But also, American Express' business is up 30% recently which wouldn't happen if people didn't think things were doing pretty well (at least for the upper 50% of people in income in the U.S. right now).

This is why a recession for the whole country is very unlikely within the next year or so. However, this doesn't mean certain areas of the U.S. states wouldn't necessarily go into their own local recessions it just means that generally speaking the whole country won't do this for at least a year or more at this point given all present variables.

However, it is unknown what will happen when the Fed Raises interest rates? For example, will this overcool the house buying economy and house building economy? Everyone is sort of unsure of the answer to this question at present nationwide.