Acknowledgments: Our primary debt is to Hyunsub Kum who implemented the statistical matching algorithms used in creating the synthetic dataset used in this study. We are grateful for comments from Stephan Klasen and Michael Zweig. We have also benefited from discussions about our paper with participants in the conferences of the Working Class Studies Association, Eastern Economic Association, Allied Social Science Association and International Association for Research on Income and Wealth. We alone are responsible for any errors and omissions. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. The Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic resea...