The Prosperity Gap

For anyone coming out of high school, college, or even prison these days, the best job opportunities in generations are available in the U.S. Thanks to the New Economy, a 101-month expansion has so tightened job markets that even those at the very bottom of the economy are being drawn up into a vortex of national prosperity. The educated offspring of suburban Baby Boomers are getting terrific first jobs at salaries that often make their parents gasp. Inner-city kids, even those without high school diplomas, are earning more than they or their parents ever dreamed, and the unemployment rate for blacks is the lowest ever measured. Upward mobility is working again in America, and the once-popular sociological wisdom about a "culture of poverty" is being disproved by the dynamics of a high-tech, global New Economy.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.