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No, this is wrong, wrong, wrong, and flatly contradicted by multiple streams of available evidence.
First, there's the historical example of East Asian and Jewish Americans. Yes, recent immigration from East Asia has been selective, but East Asians had already pretty much caught up with whites by the late 60s, before selective immigration really got going, and I don't think there was ever much selective immigration with Jews, who were already so overrepresented at top universities that Harvard imposed quotas in the 20s, when antisemitism was still a very real problem.
Second, poverty just isn't that sticky. The intergenerational rank-rank elasticity of permanent income (i.e. lifetime earnings) is about 0.4, meaning that on average, the children of parents at a given permanent income level will regress about 60% of the way to the 50th percentile.
Note that that 0.4 elasticity is not purely due to the stickiness of exogenous poverty, as much of it is due to the heredity of cognitive and personality traits. The true exogenous effect of parental income is considerably smaller than this. What this means is that we can expect regression to the mean in just a generation or two. This is commonly observed with truly exogenous poverty, e.g. with Vietnamese refugees.
Finally, rapid regression towards the mean was observed with black families during and for approximately one generation after the Civil Rights Era. And then it stopped, and has now been stalled out for two generations. We now see downward mobility of black men born into families with permanent incomes above the black mean, even when below the white mean. In other words, black men regress towards a lower mean than white men. It's tough to pin this on the the intergenerational stickiness of poverty (even ignoring the aforementioned fact that it's not actually that sticky), but is exactly what we would expect to see if there were a genetic basis for the achievement gap.
Raj Chetty says that this isn't consistent with a genetic basis for the gap because black women don't exhibit the same degree of downward mobility, but the case of women is more complicated because the shortage of reliable black men means that black women are more dependent on their own incomes than white men. Furthermore, black women from middle-class families are especially well positioned to benefit from affirmative action because they're less likely to have criminal records than black men. Finally, black women still do not exhibit the upward mobility that we would expect to see if their parents' poverty were truly exogenous.
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