In a speech to high school graduates in Topeka, Kansas, in May 2014, First Lady Michelle Obama told graduates, "I am so proud of all that you've accomplished...And I cannot wait to see everything you will achieve in the years ahead." But these days most young people born between the early 1980s...

This paper is an application of a new Shapley income decomposition methodology, in which we isolate two subjective factors in income differences - race and gender - that contribute to income inequality within the population of blacks and whites in the United States over the period 2005-2017. We...