Q: Is there a more accurate way to measure wealth in 1975 vs. today?
A: A recent study found the bottom half of the income distribution today makes the same on average as the bottom half 35 or 40 years ago. That’s extraordinarily depressing, if true. It implies the top is just doing way too well. But a handful of studies have instead taken people in 1975 and followed them through time to see if the rich truly did get all the gains. When you do that, you find out that the people at the bottom have the largest percentage gains and often the largest absolute gains over time.