Distortion of Super-Rich is Rendering Econometrics Irrelevant

`` the outsized gains of the super-rich during the past 25 years have become so disproportionate that some measures of prosperity may be losing their relevance. "When wealth and income are as concentrated as they are, examining the ‘average' consumer or ‘average' investor makes little sense," economists at Bank of America Merrill Lynch wrote in a recent report... This may help explain why the economy seems to be gaining strength -- on paper -- yet millions of ordinary people feel like they're falling behind. ''