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The Great Divergence We Forgot to Notice
For decades, we’ve been arguing about inequality in America—how big it is, whether it’s growing, and what, if anything, we should do about it. But every so often, new data arrives that forces us to rethink not just the answers, but the questions themselves. And the latest reconstruction of pretax national income distribution—painstakingly assembled from historical microdata—does exactly that. It reveals a story that is at once familiar and startling: familiar, because we’ve long known that inequality has risen since 1980; startling, because the scale and structure of the shift are far larger, far more systematic, and far more persistent than even many economists realized.
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