New post at policy shop. Excerpt:
So the consumption metric is a ridiculous distraction. Not only does it turn out that consumption inequality has mirrored income inequality over the last few decades, but the focus also misses so many of the things that income is about. Of course, the conservatives who bring it up do so for motivated reasons: most of them don’t care about rising inequality period, whatever its form. It deserves pointing out though, given its coverage in allegedly serious outlets, how misplaced the consumption focus actually is.