How to think about Inequality

If you want to compare the wellbeing of people in our society, don’t look income or wealth. Look at consumption. And don’t compare 20-year-olds with 80-year-olds. Compared people of the same age. And don’t overlook 30 different federal entitlement programs which redistribute an enormous amount of income every year. If the analysis is done correctly, there is far less inequality than we have been led to believe.