Thread by @HBoushey

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Today BEA released the first-ever federally produced statistics measuring how total U.S. personal income is distributed across people in different income groups.

Must read—@AustinClemens2 @equitablegrowth explains why this is so significant
#GDPv2

@AustinClemens2 @equitablegrowth Beginning today, we all will have a new picture of how the economy is performing, one that allows us to see how the economy’s performance translates into income for families at all income levels. equitablegrowth.org/press/new-comm… #GDPv2

@AustinClemens2 @equitablegrowth New research finds the media’s treatment of GDP as the critical metric of economic progress, even as it has become less reflective of the welfare of most Americans, has resulted in economic news that is most positive when the rich are benefitting. equitablegrowth.org/working-papers… #GDPv2

@AustinClemens2 @equitablegrowth By contrast, the tone of economic news is unrelated to the economic fortunes of middle-income and low-income individuals and their families when top-income growth is accounted for, which @AustinClemens2 summarizes equitablegrowth.org/gross-domestic… #GDPv2

@AustinClemens2 @equitablegrowth Measuring who prospers when the economy grows allow policymakers to evaluate how the economy is performing for the working class, the middle class, and the affluent.

I commend BEA’s new data release and for their work on this important project. equitablegrowth.org/gdp-2-0-measur… #GDPv2