![\"Vince](\"https:\/\/i0.wp.com\/www.dougsbriefcase.com\/blog\/wp-content\/uploads\/2014\/01\/Credit-Dallas-Morning-News.jpg\")
<\/a>Vince Young in hap\u00adpi\u00ader times. His rapid rise and sud\u00adden fall tell a cau\u00adtion\u00adary tale. But a new study pro\u00advides wel\u00adcome news about eco\u00adnom\u00adic oppor\u00adtu\u00adni\u00adty and upward mobil\u00adi\u00adty. [Cred\u00adit: Dal\u00adlas Morn\u00ading News]<\/p><\/div><\/em>Vince Young is bank\u00adrupt<\/a>. The sto\u00adry of a star col\u00adlege quar\u00adter\u00adback who rose from hum\u00adble cir\u00adcum\u00adstances to impos\u00adsi\u00adble wealth only to plunge into insol\u00adven\u00adcy in the course of eight years is one marked by extrav\u00ada\u00adgant spend\u00ading, fool\u00adish invest\u00adments and, he has argued in court doc\u00adu\u00adments, exploita\u00adtion by agents, busi\u00adness asso\u00adciates, fam\u00adi\u00adly and friends<\/a>. His is an extreme exam\u00adple of eco\u00adnom\u00adic mobility.\n Reports of Young\u2019s bank\u00adrupt\u00adcy fil\u00ading coin\u00adcid\u00aded with the release this week of a new study<\/a> by a group of Har\u00advard and Berke\u00adley econ\u00ado\u00admists that reached an unex\u00adpect\u00aded con\u00adclu\u00adsion: upward eco\u00adnom\u00adic mobil\u00adi\u00adty is not the exclu\u00adsive province of entre\u00adpre\u00adneurs, enter\u00adtain\u00aders and star ath\u00adletes like Young. The Nation\u00adal Bureau of Eco\u00adnom\u00adic Research [NBER<\/span>] report con\u00adclud\u00aded that \u201cchil\u00addren enter\u00ading the labor mar\u00adket today have the same chances of mov\u00ading up in the income dis\u00adtri\u00adb\u00adu\u00adtion (rel\u00ada\u00adtive to their par\u00adents) as chil\u00addren born in the 1970s.\u201d<\/p>\n Eco\u00adnom\u00adic mobil\u00adi\u00adty in the US<\/span> is not in decline, despite what you may hear in Tuesday\u2019s State of the Union Address or what you may have read on this web\u00adsite<\/a>. Amer\u00adi\u00adca is still, as the report\u2019s title sug\u00adgests, \u201ca land of opportunity.\u201d<\/p>\n Oppor\u00adtu\u00adni\u00adties, of course, can be squan\u00addered. Vince Young\u2019s rise to nation\u00adal promi\u00adnence reached warp speed dur\u00ading the 2006 Rose Bowl, when his touch\u00addown run with just 19 sec\u00adonds to play won a nation\u00adal cham\u00adpi\u00adonship for the Uni\u00adver\u00adsi\u00adty of Texas. That spring, he was the third play\u00ader cho\u00adsen in the NFL<\/span> draft, sign\u00ading a five-year con\u00adtract with the Ten\u00adnessee Titans that guar\u00adan\u00adteed him $26 mil\u00adlion<\/a> and includ\u00aded incen\u00adtives that could earn him mil\u00adlions more.<\/p>\n He was a 2006 Pro Bowl selec\u00adtion and was hon\u00adored as Offen\u00adsive Rook\u00adie of the Year. He helped lead his team to the play\u00adoffs in 2007 and seemed des\u00adtined for still bet\u00adter things until he sprained his knee dur\u00ading the first game of the 2008 sea\u00adson. Ker\u00adry Collins replaced him as quar\u00adter\u00adback and nev\u00ader relin\u00adquished the start\u00ading role that sea\u00adson, lead\u00ading the Titans to an NFL<\/span>-best 13\u20133 record. Young, though ful\u00adly recov\u00adered from his knee injury, looked on from the side\u00adlines for the remain\u00adder of that season.<\/p>\n The Titans released Young after the 2010 sea\u00adson and he signed with Philadel\u00adphia as a back\u00adup. Eagles coach Andy Reid insert\u00aded Young into the line\u00adup in the fourth quar\u00adter of a game in Decem\u00adber 2011. The Eagles were up 45\u201313 at the time. Young was play\u00ading only to give the starters a rest and pro\u00adtect them from injury in a game that already was won. He was sacked on his final play, a por\u00adtent of things to come. He nev\u00ader took anoth\u00ader snap in pro\u00adfes\u00adsion\u00adal foot\u00adball. A career that began with great promise was over at age 28.<\/p>\n Judges and lawyers are at work try\u00ading to learn where the esti\u00admat\u00aded $45 mil\u00adlion<\/a> in salaries and endorse\u00adments that he earned between 2006 and 2011 has gone. In seek\u00ading the refuge of bank\u00adrupt\u00adcy court, he told the judge that he has no more than $1 mil\u00adlion in assets, as much as $10 mil\u00adlion in debt and no way to keep his cred\u00adi\u00adtors at bay.<\/p>\n Born in a poor Hous\u00adton neigh\u00adbor\u00adhood in 1983, Young had rough\u00adly a 9 per\u00adcent chance of ris\u00ading from the bot\u00adtom quin\u00adtile in which he was born to the top quin\u00adtile by age 26, accord\u00ading to the authors of the NBER<\/span> study [Table 4]. That\u2019s not much dif\u00adfer\u00adent from the prospects for some\u00adone born in sim\u00adi\u00adlar cir\u00adcum\u00adstances dur\u00ading the pre\u00advi\u00adous generation.<\/p>\n The study is based on a review of tax infor\u00adma\u00adtion from tens of mil\u00adlions of peo\u00adple born between 1971 and 1993, peo\u00adple who now range in age from 20 to their ear\u00adly 40s. The data show a sur\u00adpris\u00ading per\u00adsis\u00adtence of eco\u00adnom\u00adic mobil\u00adi\u00adty. The jump from the bot\u00adtom to the top quin\u00adtile \u2014 par\u00adtic\u00adu\u00adlar\u00adly at age 26 \u2014 is a huge one. In 2011<\/a>,<\/span> the aver\u00adage income in the bot\u00adtom quin\u00adtile was $11,239, com\u00adpared with $178,020 in the top quin\u00adtile. It\u2019s a short\u00ader, though still con\u00adsid\u00ader\u00adable, step up for some\u00adone born in the mid\u00addle quin\u00adtile. Such a per\u00adson born in 1971 had an 18.5 per\u00adcent chance of reach\u00ading the top quin\u00adtile by age 26; for some\u00adone born in 1986, the chance was slight\u00adly greater at 19.8 percent.<\/p>\n The authors com\u00adpared their study to an ear\u00adli\u00ader one show\u00ading that inter\u00adgen\u00ader\u00ada\u00adtional eco\u00adnom\u00adic mobil\u00adi\u00adty did not change sig\u00adnif\u00adi\u00adcant\u00adly between the 1950 and 1970 cohorts [p. 10], lead\u00ading them to con\u00adclude that such mobil\u00adi\u00adty \u201cremained remark\u00adably sta\u00adble over the sec\u00adond half of the twen\u00adti\u00adeth cen\u00adtu\u00adry\u201d [p. 10].<\/p>\n They note, para\u00addox\u00adi\u00adcal\u00adly, that this rate of eco\u00adnom\u00adic mobil\u00adi\u00adty has per\u00adsist\u00aded amid ris\u00ading income inequal\u00adi\u00adty [p. 11]. Par\u00adents in the top 1 per\u00adcent account\u00aded for a larg\u00ader share of income in 1992 (20.1 per\u00adcent) than in 1971 (10.1 per\u00adcent) [Table 6].<\/p>\n The authors pos\u00adtu\u00adlate that this inequal\u00adi\u00adty hasn\u2019t affect\u00aded over\u00adall mobil\u00adi\u00adty because it is large\u00adly con\u00adfined to the very high\u00adest earn\u00aders. \u201cThe cor\u00adre\u00adla\u00adtion between inequal\u00adi\u00adty and mobil\u00adi\u00adty is dri\u00adven pri\u00admar\u00adi\u00adly by \u2018mid\u00addle class\u2019 inequal\u00adi\u00adty,\u201d they write. Inequal\u00adi\u00adty among the 99 per\u00adcent hasn\u2019t var\u00adied all that much between the 1971 and 1993 birth cohorts, the authors note. \u201cFrom this per\u00adspec\u00adtive, it is less sur\u00adpris\u00ading that mobil\u00adi\u00adty has not changed sig\u00adnif\u00adi\u00adcant\u00adly despite the rise in inequal\u00adi\u00adty\u201d [p. 11].<\/p>\n To illus\u00adtrate this para\u00addox, they write:<\/p>\n A use\u00adful visu\u00adal anal\u00ado\u00adgy is to envi\u00adsion the income dis\u00adtri\u00adb\u00adu\u00adtion as a lad\u00adder, with each per\u00adcentile rep\u00adre\u00adsent\u00ading a dif\u00adfer\u00adent rung. The rungs of the lad\u00adder have grown fur\u00adther apart (inequal\u00adi\u00adty has increased), but children\u2019s chances of climb\u00ading from low\u00ader to high\u00ader rungs have not changed (rank-based mobil\u00adi\u00adty has remained sta\u00adble) [p. 1].<\/p><\/blockquote>\n Peo\u00adple are still scal\u00ading the lad\u00adder at rates com\u00adpa\u00adra\u00adble to those of pre\u00advi\u00adous gen\u00ader\u00ada\u00adtions despite neg\u00ada\u00adtive trends like declin\u00ading test scores, dimin\u00adished \u201cparental inputs,\u201d and declin\u00ading \u201csocial con\u00adnect\u00aded\u00adness,\u201d the authors note. They spec\u00adu\u00adlate in a foot\u00adnote that this may be due to \u201ccoun\u00adter\u00advail\u00ading social trends\u201d like improved civ\u00adil rights for minori\u00adties and broad\u00ader access to high\u00ader edu\u00adca\u00adtion, but leave more com\u00adplete expla\u00adna\u00adtions for future researchers to ponder.<\/p>\n They are con\u00adtent to present encour\u00adag\u00ading data at a some\u00adwhat dis\u00adcour\u00adag\u00ading time: one of our core social val\u00adues remains intact. Amer\u00adi\u00adca is as eco\u00adnom\u00adi\u00adcal\u00adly mobile today as it has been for last sev\u00ader\u00adal generations.<\/p>\n The Pres\u00adi\u00addent can be expect\u00aded to tell a dif\u00adfer\u00adent sto\u00adry on Tues\u00adday night. He will report\u00aded\u00adly<\/a> reprise the theme of a speech<\/a> last Decem\u00adber when he said that Amer\u00adi\u00adcans today \u201cexpe\u00adri\u00adence in a very per\u00adson\u00adal way the relent\u00adless, decades-long trend [of] \u2026 a dan\u00adger\u00adous and grow\u00ading inequal\u00adi\u00adty and lack of upward mobil\u00adi\u00adty that has jeop\u00adar\u00addized mid\u00addle-class America\u2019s basic bar\u00adgain \u2014 that if you work hard, you have a chance to get ahead.\u201d<\/p>\n That basic bar\u00adgain may be more robust than the Pres\u00adi\u00addent imag\u00adines, if the NBER<\/span> study\u2019s find\u00adings are cor\u00adrect. It may explain why he has strug\u00adgled to make inequal\u00adi\u00adty and a pre\u00adsumed decline in mobil\u00adi\u00adty win\u00adning polit\u00adi\u00adcal issues. Only 1 per\u00adcent of respon\u00addents in a recent Quin\u00adnip\u00adi\u00adac poll<\/a> list\u00aded income inequal\u00adi\u00adty as a top pri\u00ador\u00adi\u00adty for the Pres\u00adi\u00addent and Con\u00adgress this year. The Pres\u00adi\u00addent and his par\u00adty would like that num\u00adber to grow. His hope is to per\u00adsuade vot\u00aders that the prob\u00adlem is urgent and that his par\u00adty is best equipped to address it.<\/p>\n He seems unlike\u00adly to suc\u00adceed, in part because his mes\u00adsage is so dis\u00adcor\u00addant. On one hand, he argues that the econ\u00ado\u00admy is on the mend and that he should be cred\u00adit\u00aded with cre\u00adat\u00ading mil\u00adlions of jobs; on the oth\u00ader hand, he por\u00adtrays a stag\u00adnant Amer\u00adi\u00adca, one in which the poor and mid\u00addle class are bereft of hope, save in gov\u00adern\u00adment intervention.<\/p>\n That\u2019s not to say that income inequal\u00adi\u00adty is a mat\u00adter of lit\u00adtle con\u00adcern or that gov\u00adern\u00adment should neglect it. I\u2019ve sug\u00adgest\u00aded else\u00adwhere that social wel\u00adfare pro\u00adgrams bear close re-exam\u00adi\u00adna\u00adtion<\/a> in light of chang\u00ading social trends and that Fed\u00ader\u00adal Reserve poli\u00adcies should be revamped<\/a>,<\/span> since they have tend\u00aded to ben\u00ade\u00adfit the wealth\u00adi\u00adest while doing lit\u00adtle to spur broad\u00ader eco\u00adnom\u00adic growth or job cre\u00adation. I\u2019ve argued that things like wealth tax\u00ades<\/a>,<\/span> caps on CEO<\/span> salaries<\/a> and min\u00adi\u00admum wage increas\u00ades don\u2019t effec\u00adtive\u00adly address the prob\u00adlem. And I\u2019ve cit\u00aded the need to seek out new approach\u00ades that may not com\u00adport with the pre\u00adferred ortho\u00addox\u00adies of either party.<\/p>\n Inequal\u00adi\u00adty is a sig\u00adnif\u00adi\u00adcant prob\u00adlem that remains poor\u00adly under\u00adstood. That it evi\u00addent\u00adly coex\u00adists with upward mobil\u00adi\u00adty is heartening.<\/p>\n All of which pro\u00advides a hope\u00adful mes\u00adsage for Vince Young. He is still just 30 years old, with many poten\u00adtial\u00adly pro\u00adduc\u00adtive years ahead. Once he puts his legal and finan\u00adcial prob\u00adlems behind him, oppor\u00adtu\u00adni\u00adty awaits.<\/p>\n","protected":false},"excerpt":{"rendered":" Vince Young is bank\u00adrupt. The sto\u00adry of a star col\u00adlege quar\u00adter\u00adback who rose from hum\u00adble cir\u00adcum\u00adstances to impos\u00adsi\u00adble wealth only to plunge into insol\u00adven\u00adcy in the course of eight years is one marked by extrav\u00ada\u00adgant spend\u00ading, fool\u00adish invest\u00adments and, he \u2026 Con\u00adtin\u00adue read\u00ading