” All they have to do is put money in assets that would not deflate during a recession and then transfer them back in when it bottoms.”

Yes, please ring a bell (on time preferably, unlike the last time) when recession starts and bottoms.

“The wealthy have access to hedge funds, particularly those that specialize in profiting from downturns and recessions (min deposit $100k or more)”

Are you saying that hedge funds are guranteed money after the usual 21+ percent management fee? Who needs ’em.Plenty of bear funds, precious metal funds, ETF’s, etc for turmoil in markets.

And yes the wealthy do ok in recession, but they do obscenely better when the world is flooded with money. Look at what’s happened- corporate profits, thru the roof. Executive compensation, likewise. Bonuses for Goldman ,16 Billion.Wages for the average Joe- stagnant.