This paper examines the distribution of economic well-being from 1980 to 1984, and compares economic changes during that period with those of other periods. The following indicators of economic change are used: (1) money income consistent with a Census definition; (2) money income net of direct taxes--i.e., disposable income; and (3) disposable income plus government in-kind transfers. It was found that the period 1980 to 1984 differs from earlier periods by displaying an accelerated trend to greater inequality. Gains achieved by those at the top of the income distribution are more attributable to a redistribution of resources than to economic growth. These results are borne out regardless of the measure of economic status or the unit of observation chosen. Benefits went disproportionately to those at the top of the distribution of resources, and burdens fell disproportionately on those with lower incomes. A breakdown of the 1980 to 1984 period into periods before and after 1982 suggests that the recession has been more disequalizing than the recovery. But the recovery did not reverse the trend, only mitigated it. Data are presented on eight tables. Appendices present the results of a microsimulation model and analyze inflators. (BJV)