Final answer:
The statement is false; the lower-income classes bore the greater burden during the Great Recession, while the upper class continued to hold a significant amount of wealth.
Step-by-step explanation:
The statement that the American upper class lost the highest percentage of wealth of any social class during the Great Recession is false. Studies and reports indicate that it was actually the lower quintiles, or the lower-income classes, that bore the greater burden of the recession. The recession led to significant unemployment and income reductions for this group, while wealth continued to concentrate at the top among the wealthiest families and individuals.
Additionally, the burden of the recession's consequences, such as home foreclosures and loss of healthcare, hit those living paycheck to paycheck, who were primarily not in the upper class.