There's a new myth percolating about the U.S. economy: Female workers are doing great. So are educated men. The only ones hurting are male high-school dropouts. So, the argument goes, cut the whining about globalization and technological change hurting the American middle class, fix the education and training system, and get on with it.

It's a nice story. Unfortunately, it isn't true. Women are closing the pay gap with men and are outpacing men in the race to get college diplomas. But the fact is that the remarkable burst...