May 9 (Bloomberg) -- Over the past three decades, the
highest incomes in the U.S. have risen dramatically, and that
has appropriately received lots of attention. At the same time,
however, these high incomes have also become much more volatile,
and that has gone almost unnoticed.
Conventional wisdom suggests that low-income households
experience the greatest changes in response to macroeconomic
conditions -- their income falls the most when the economy
weakens, and it picks up the most when the economy recovers.
