Dig deeper, folks.
Our good friend, David Jones, sent the following IBD piece over this evening.
If you been following GMM over the past week, you know we are knee-deep in the Federal Reserve’s distribution of wealth data (see our last post here).
As the distribution of income, and especially wealth, become so top-heavy and skewed toward the top few percent, the macroeconomic data are becoming more difficult to interpret to ascertain the true wealth and economic health of the nation. Diminishing and making the aggregate data increasingly meaningless for many.
Instead of looking at the aggregated macro data, it would be much more informative to breakdown all the data by household income percentiles to see where the economic gains and pains are accruing.
The data are just not