WSJ: As Boom Times Sour in Vegas, Upward Mobility Goes Bust

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As Boom Times Sour in Vegas, Upward Mobility Goes Bust
By TAMARA AUDI


LAS VEGAS -- Drew Johnson and his wife, Tina had the life many Americans only dream of: A big house in a swanky suburb, a backyard hot tub, and a $100,000 deposit on a new condo with views of the Las Vegas Strip and 24-hour concierge service.

They did it all on the salaries of a construction-equipment salesman and a cocktail waitress who brought in $1,000 a week in tips alone. But the recession has slashed their incomes by nearly half, and financing for the condo might not come through.

"It's Vegas," says Mr. Johnson, who fears he could lose most of his deposit. "We gambled."

During the boom years, Las Vegas wasn't just a place where gamblers could hit the jackpot, but where hard-working hotel maids and cocktail waitresses could, too. The city offered something almost no other place in America did: upward mobility for the working class.

Now, that is evaporating. ...........(more)

The complete piece is at: http://online.wsj.com/article/SB124804383363363397.html