Judging from the comments in a previous post, you’d think that Dave Howden made up the idea that income inequality starting rising in 1973. No, that’s the low point, using the Piketty-Saez figures. Howden didn’t pick that number, progressives typically do when quoting figures. Just from a quick one that I googled:
As Isabel Sawhill of Brookings pointed out in one of the finest studies of income mobility, made with the Pew Foundation five years ago, “from 1947 to 1973, the rate of growth of the typical family’s income was unusually rapid, roughly doubling in a generation’s time. However, since 1973 the increase over a generation’s time has been much smaller, about 20 percent.”
The reason these stats do this, is that it gives them the biggest juice to their numbers. If you want to make Reagan look bad, for example, they’ll do stuff like quote “gains in the top 1%” from 1973-1992.