Twilight of the Elites: America After Meritocracy
Christopher L. Hayes
Top 10 Best Quotes
“We now operate in a world in which we can assume neither competence nor good faith from the authorities, and the consequences of this simple, devastating realization is the defining feature of American life at the end of this low, dishonest decade.”
“We can have a just society whose guiding ethos is accountability and punishment, where both black kids dealing weed in Harlem and investment bankers peddling fraudulent securities on Wall Street are forced to pay for their crimes, or we can have a just society whose guiding ethos is forgiveness and second chances, one in which both Wall Street banks and foreclosed households are bailed out, in which both inside traders and street felons are allowed to rejoin polite society with the full privileges of citizenship intact. But we cannot have a just society that applies the principle of accountability to the powerless and the principle of forgiveness to the powerful. This is the America in which we currently reside.”
“1 in every 28 children in the United States—more than 3.6 percent—now has a parent in jail or prison. Just 25 years ago, the figure was only 1 in 125. For black children, incarceration is an especially common family circumstance. More than 1 in 9 black children have a parent in prison or jail, a rate that has more than quadrupled in the past 25 years.”57 Not”
“with the exception of England, every other industrialized democracy has higher levels of income equality than the United States. Data from the OECD shows one consistent, general principle: The higher the taxes in a given country, the less inequality. This makes obvious and intuitive sense. Taxation is the primary method for redistribution, and as a general rule, the more taxation, the more redistribution; the more redistribution, the more equality. The United States collects a far smaller share of the national income in taxes than nearly every other industrialized democracy, and in recent years that rate has been dropping. Total tax revenue as percentage of GDP in the United States is at 24.8 percent, down from 29.5 percent in 2000. You can compare that to Denmark, which has the highest level of tax revenue as a percentage of GDP (48.2 percent) and the most equality out of any OECD country.15 Over the last thirty years or so we’ve seen rising inequality in pre-tax income, which means that before the government even starts its taxing, spending, and redistribution, there has been a profound and accelerating gap between high income earners and everyone else. The rich are earning more, while the non-rich’s earnings stagnate or decline. But these pre-tax earnings are run through the redistributive mechanisms of the state. And during the same time that pre-tax inequality has been growing, our tax system has grown less redistributive, further amplifying inequality rather than mitigating it. This”
“one of the best ways to predict a student’s SAT score is to look at his parents’ income: the more money they make, the higher the score is likely to be.13”
“The Iron Law of Meritocracy states that eventually the inequality produced by a meritocratic system will grow large enough to subvert the mechanisms of mobility. Unequal outcomes make equal opportunity impossible….Those who are able to climb up the ladder will find ways to pull it up after them, or selectively lower it down to allow their friends, allies and kin to scramble up.”
“So even as the meritocracy produces failing, distrusted institutions, massive inequality, and an increasingly detached elite, it also produces a set of very powerful and influential leaders who hold it in high regard.”
“Accountability” is the word the comes up most in conversations with the new insurrectionist activists. We cannot achieve equality without first achieving some measure of accountability for those at the top.”
“the 1 percent now lay claim to nearly a quarter of the total economic pie. The last time their share was this high was on the eve of the 1929 stock market crash. In”
“nearly half of all members of Congress have a net worth north of a million dollars, compared to just one in twenty-two households nationwide.26 Between 1984 and 2009, while the median net worth of American households remained essentially unchanged, the median net worth of members of the House of Representatives rose by 260 percent. Not only did the rich get richer, so did Congress. While”
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Book Keywords:
distrust, elites, accountability, inequality, meritocracy, wealth-gap, poverty
