New research from the Federal Reserve Bank of St. Louis shows how a parent’s level of education, race and age shape economic opportunities and outcomes across the U.S. Notably, having white skin and a parent who graduated from college create a big demographic head start. “Inherited demographic characteristics are key aspects of one’s identity over which one exerts no control,” authors Ray Boshara, William Emmons, Lowell Ricketts and Ana Hernández Kent write. “The view we take is that any...