Occupy got the math wrong. They weren’t the 99%, they were the 90%. And that extra 9% makes things much worse for them.
Of the top 10%, the stratospheric 0.1% wears a visible-from-space economic inequality target. Not so the 9.9%: they’re folks like you and me — the Horatio Alger heroes of our times, people like Peter Boies (we met him last time). Ironically, though, a closer look reveals that they’ve done such a perfect job of upward mobility that they’ve pulled up the ladder behind themselves. They didn’t mean to, that’s just the way it worked out. Which means the 90% are quite likely to remain the Heathcliffs of the world, blocked by the red velvet rope, barred by the glass ceiling.
Says who? Says the 9.9%, and they ought to know. They’ve become the New American Meritocracy — or Aristocracy, depending on who’s analyzing the data. And now that they’ve got the Central Park view, the rest of us have to deal with the implacable security guard. (I saw one of those once, at the entrance to a 5th Avenue luxury condo high rise. He looked like Clubber Lang from Rocky III, had positioned himself feet defiantly apart and arms crossed in the main entrance revolving door, so that you had to move him to move it. Don’t even think about it.)
I learned about this new social class recently from three different sources. The first was Richard V. Reeves and his book Dream Hoarders and his Brookings Institute monograph Saving Horatio Alger (we looked at those last time). The second was philosopher Matthew Stewart, author of numerous books and a recent article for The Atlantic called The 9.9 Percent is the New American Meritocracy. The third was Steven Brill, founder of The American Lawyer and Court TV, author of the book Tailspin: The People and Forces Behind America’s Fifty-Year Fall–and Those Fighting to Reverse It and also the writer of a Time Magazine feature called How Baby Boomers Broke America.
Reeves, Stewart, and Brill are all members of the 9.9%. All three got there by rising up from below. And all three cite the same economic and related social data to support their conclusion that their class has barred the way for the rest of us. Pause for a moment and wonder, as I did, why would they write books and articles to implicate themselves in that way? It’s easy to suspect a bad case of Thriver (not Survivor) Guilt, but after reading their work, I think it’s because their success turned into an ideology buster: not only are the Horatio Alger condos sold out, but Clubber Lang is barring the way to any newcomers, and that kind of thing just doesn’t happen in America.
Until it does.
I’ll let Matthew Stewart speak for the others, quoting from his article in The Atlantic:
“I’ve joined a new aristocracy now, even if we still call ourselves meritocratic winners. To be sure, there is a lot to admire about my new group, which I’ll call—for reasons you’ll soon see—the 9.9 percent. We’ve dropped the old dress codes, put our faith in facts, and are (somewhat) more varied in skin tone and ethnicity. People like me, who have waning memories of life in an earlier ruling caste, are the exception, not the rule.
“By any sociological or financial measure, it’s good to be us. It’s even better to be our kids. In our health, family life, friendship networks, and level of education, not to mention money, we are crushing the competition below.
“The meritocratic class has mastered the old trick of consolidating wealth and passing privilege along at the expense of other people’s children. We are not innocent bystanders to the growing concentration of wealth in our time. We are the principal accomplices in a process that is slowly strangling the economy, destabilizing American politics, and eroding democracy. Our delusions of merit now prevent us from recognizing the nature of the problem that our emergence as a class represents. We tend to think that the victims of our success are just the people excluded from the club. But history shows quite clearly that, in the kind of game we’re playing, everybody loses badly in the end.
“So what kind of characters are we, the 9.9 percent? We are mostly not like those flamboyant political manipulators from the 0.1 percent. We’re a well-behaved, flannel-suited crowd of lawyers, doctors, dentists, mid-level investment bankers, M.B.A.s with opaque job titles, and assorted other professionals—the kind of people you might invite to dinner. In fact, we’re so self-effacing, we deny our own existence. We keep insisting that we’re “middle class.”
“One of the hazards of life in the 9.9 percent is that our necks get stuck in the upward position. We gaze upon the 0.1 percent with a mixture of awe, envy, and eagerness to obey. As a consequence, we are missing the other big story of our time. We have left the 90 percent in the dust—and we’ve been quietly tossing down roadblocks behind us to make sure that they never catch up.
If you want more on this topic, I recommend starting with their articles, and then their books. They’re all well-researched and well-written, honest and personally disclosing, and economically and socially remarkable. Plus, for me personally, they illuminate a dimension of my own career and economic journey that were always a bit of a mystery to me. We’ll talk about that next time.