The children of the rich and powerful are increasingly well suited to earning wealth and power themselves. That’s a problem

The Economist:

“MY BIG fear,” says Paul Ryan, an influential Republican congressman from Wisconsin, is that America is losing sight of the notion that “the condition of your birth does not determine the outcome of your life.” “Opportunity,” according to Elizabeth Warren, a Democratic senator from Massachusetts, “is slipping away.” Marco Rubio, a Republican senator from Florida, thinks that “each element” of the sequence that leads to success “is eroding in our country.” “Of course you have to work hard, of course you have to take responsibility,” says Hillary Clinton, a former first lady, senator and secretary of state, “but we are making it so difficult for people who do those things to feel that they are going to achieve the American dream.” When discussing the chances of ordinary Americans rising to the top, politicians who agree about little else sound remarkably similar.

Before the word meritocracy was coined by Michael Young, a British sociologist and institutional entrepreneur, in the 1950s there was a different name for the notion that power, success and wealth should be distributed according to talent and diligence, rather than by accident of birth: American. For sure, America has always had rich and powerful families, from the floor of the Senate to the boardrooms of the steel industry. But it has also held more fervently than any other country the belief that all comers can penetrate that elite as long as they have talent, perseverance and gumption. At times when that has not been the case Americans have responded with authentic outrage, surmising that the people at the top are, as Nick Carraway said, “a rotten crowd”, with bootlegging Gatsby better than the whole damn bunch put together.