One of the most consistent findings in psychiatric epidemiology prior to 1980 has been that socioeconomic status (SES) was inversely related to the recent prevalence of a variety of important types of disorder. The findings raised and re-raised major issues about the role of adversity in these disorders. In recent years, however, research interest in these issues has been declining. At the same time, marked changes have been taking place in the case identification and diagnostic procedures available for epidemiological research. In this paper, I inquire into whether these changes in diagnostic concepts and methods have led to a change in the “facts” that gave rise to the issues about the role of SES. I rely particularly on results from our on-going epidemiological research in Israel and from the National Institute of Mental Health (NIMH) Epidemiological Catchment Area (ECA) studies in the United States, reevaluate the shift away from research on the role of SES, and offer suggestions for future research.