What is the nature of the energy spectrum of a black hole ? The algebraic
approach to black hole quantization requires the horizon area eigenvalues to be
equally spaced. As stressed long ago by by Mukhanov, such eigenvalues must be
exponentially degenerate with respect to the area quantum number if one is to
understand black hole entropy as reflecting degeneracy of the observable
states. Here we construct the black hole states by means of a pair of "creation
operators" subject to a particular simple algebra, a slight generalization of
that for the harmonic oscillator. We then prove rigorously that the n-th area
eigenvalue is exactly 2 raised to the n-fold degenerate. Thus black hole
entropy qua logarithm of the number of states for fixed horizon area comes out
proportional to that area.Comment: PhysRevTeX, 14 page