1970 is an interesting year to do this metric. Why? Because it was the 70s when the tax revolts started. Boomers were making bank and decided they didn't want to share the wealth. They climbed the ladder and started pulling it up behind them rather than keeping it there for their children to climb it.
There is no reason the economy should be this way other than the sheer greed of those who have already made it.
1970 is an interesting year to do this metric. Why? Because it was the 70s when the tax revolts started. Boomers were making bank and decided they didn't want to share the wealth. They climbed the ladder and started pulling it up behind them rather than keeping it there for their children to climb it.
There is no reason the economy should be this way other than the sheer greed of those who have already made it.