Warning: Wealth Comparisons by Age Group Through Time Are Bogus!

The NYT commits the common sin of making such comparisons in an otherwise useful piece on the economic plight of millennials. It tells us:

"The average net worth of someone 29 to 37 has fallen 21 percent since 1983; the average net worth of someone 56 to 64 has more than doubled."

Of course we should be looking at medians, not averages, since Bill Gates' immense wealth doesn't help the rest of his age cohort. When we look at medians, the rise in wealth for older workers is much smaller, trail...