From Paul Krugman:
Emmanuel Saez and Gabriel Zucman have been developing an alternative procedure for estimating top wealth shares — preliminary slides here — and it tells a very different story from the common one. According to their estimates, the wealth share of the very wealthy is in fact all the way back to Gilded Age levels:
Meanwhile, focusing on the upper middle class, which is still fashionable among some pundits, misses the whole thing, because everyone below the 99th percentile has actually been left behind:
