Economic Growth Makes Graceland Less Impressive

Source: American Institute for Economic Research
by Art Carden

“If you embrace the conventional wisdom about income trends over the last few decades, you know that almost all the gains from economic growth have gone to those at the very top of the income distribution. The super-rich got super-richer, and they left the rest of us behind to make do with our stagnating incomes. Except that what you know just might not be so. … data on inequality and the difficulties of comparing what a dollar buys now to what a dollar buys then obscure some of the ways we have become more equal over time. You can see this by going to Graceland. … a picture of the place doesn’t look like anything that special if you’re familiar with palatial modern suburban homes. The TV room in particular is quaint.” (05/21/23)