[Mick]

And don't forget that a lot of high-income people inexplicably live paycheck-to-paycheck as well.)

Years ago, I worked for a Big Four accounting firm during a recession.  My boss was the Vice Chairman of the firm, and we were talking about compensation adjustments for the partners.  He said the well-paid journeyman partners were the most at risk, because the rainmakers had to be kept whole, or they would depart for other firms.  And they had to keep the young partners whole until at least the fifth year of their partnership, or they would be making less than they did as managers.  

Which meant that there were partners who were going to face reductions of up to 30%.  We had a 10 year partner, #2 in our life sciences practice who was so furious that he bolted for another firm the morning we were to bid for a large pharma company with him as the lead partner.  He spent 18 more years as a partner at the new firm.  My boss told me "He'd just bought a house in Los Altos Hills.  He couldn't afford our reduction."  So he went on to make a sxxt-ton of money for his new firm.

[Mick]

And don't forget that a lot of high-income people inexplicably live paycheck-to-paycheck as well.)

Years ago, I worked for a Big Four accounting firm during a recession.  My boss was the Vice Chairman of the firm, and we were talking about compensation adjustments for the partners.  He said the well-paid journeyman partners were the most at risk, because the rainmakers had to be kept whole, or they would depart for other firms.  And they had to keep the young partners whole until at least the fifth year of their partnership, or they would be making less than they did as managers.  

Which meant that there were partners who were going to face reductions of up to 30%.  We had a 10 year partner, #2 in our life sciences practice who was so furious that he bolted for another firm the morning we were to bid for a large pharma company with him as the lead partner.  He spent 18 more years as a partner at the new firm.  My boss told me "He'd just bought a house in Los Altos Hills.  He couldn't afford our reduction."  So he went on to make a sxxt-ton of money for his new firm.