Must-Read: Dylan Matthews: You’re not imagining it: the rich really are hoarding economic growth

Must-Read: As I repeatedly say, people are spending a lot of time on their cellphones and such doing things that would have been very expensive or impossible back in 1980. That doesn’t speak to the distributional point at all—the rich (at least the young rich) benefit more from cheap electronic devices not just by being able to afford more of them but because they are information-age force multipliers for how to better spend your money. But it does speak to the average growth point:

Dylan Matthews: You’re not imagining it: the rich really are hoarding economic growth: “With… ‘distributional national accounts’… exactly where economic growth is going…

…and how much each group is seeing its income rise relative to the overall economy…. Saez, Piketty, and Zucman… answers basically all of the conservative critiques…. Incomes… employer-provided health care, pensions, and other benefits… taxes and government transfer programs… changes in income among adults, rather than households or tax units… the slower-growing inflation metric, rather than CPI. And what do they find? This: