rfmcdonald | [LINK] "U.S. Has Global Economic Edge in Its Minorities" (Reply)

Bloomberg's Victoria Stilwell makes the reasonable argument that the United States, by virtue of its various relatively well-integrated and prosperous minority groups (set to become a majority in the not-too-distant future), may enjoy a uniquely prosperous future. It's worth noting that this is in fact a moving target.

Jasmin Figueroa helps develop new products for Johnson & Johnson, she bought a home in 2012 and she was a contestant last year in the Miss New Jersey USA pageant. She’s also Hispanic.

The 26-year-old represents the economic potential that could be unleashed as the U.S. makes the transition into a nation where the minority population becomes the majority in the next 30 years. At a time when countries such as China, Japan and Germany struggle to deal with aging populations, increased heterogeneity in the U.S. bolsters the outlook for its labor market and growth.

“It’s completely beneficial for the country to morph into that type of environment -- it just makes everything a little bit richer,” said Figueroa, who lives in Franklin Park, New Jersey, about 42 miles (68 kilometers) southwest of New York City. She credits her success with values instilled by her father, a New Yorker of Puerto Rican descent, and her mother, who was born in Guyana.

The unfolding population change means it’s increasingly important to ensure that minorities, who trail whites from high school graduation rates to household wealth, have the skills needed to succeed, according to researchers such as William Frey, a demographer at the Brookings Institution in Washington. Failure would leave the U.S. in a precarious position, he says.

“We have a huge and valuable resource in these young people, we just need to make sure they’re going to be prepared,” Frey said. Otherwise, “we will pay a huge price in the future because we would have people who are not able to move into the jobs that would give them middle-class income, which we absolutely need.”