This document discusses community colleges and career qualifications. Community colleges have a dual challenge in responding to the new economy. First, they will need to play their part in educating and training the workforce that employers need to meet new competitive standards for cost efficiency, quality, variety, customization, convenience, and speed. Second, community colleges will need to meet these same new competitive requirements themselves. Because of their unique flexibility and responsiveness, there is reason for optimism that community colleges will meet these new standards. This paper examines historical trends in the labor market, and identifies five crucial roles that community colleges have to play in the new economy and the new multicultural America. It then looks at projections for future market changes by exploring education and economic opportunity, and the impact of various levels of education on individual earning potential: education and earnings; the value of associate's degrees, some college, and bachelor's degrees; elite jobs, good jobs, and less-skilled jobs; the educational domino effect; the growing importance of nonacademic skills; where the jobs are (i.e., low-wage service jobs, factory jobs, high-tech jobs, education and healthcare jobs, and office jobs); and the community college role in the new economy. Two tables and 18 figures are used to illustrate these points. (VWC)