The ‘Glass Floor’ Is Keeping America’s Richest Idiots At The Top

From Huffington Post:  https://www.huffpost.com/entry/the-glass-floor-is-keeping-americas-richest-idiots-at-the-top_n_5d9fb1c9e4b06ddfc516e076

Elites are finding more ways to ensure that their children never run out of chances to fail.

By Michael Hobbes
October 13, 2019

In 2014, Zach Dell launched a dating app called Thread. It was nearly identical to Tinder: Users created a profile, uploaded photos and swiped through potential matches.

The only twist on the formula was that Thread was restricted to university students and explicitly designed to produce relationships rather than hookups. The app’s tagline was “Stay Classy.”

Zach Dell is the son of billionaire tech magnate Michael Dell. Though he told reporters that he wasn’t relying on family money, Thread’s early investors included a number of his father’s friends, including Salesforce CEO Marc Benioff.

The app failed almost instantly. Perhaps the number of monogamy-seeking students just wasn’t large enough, or capping users at 10 matches per day limited the app’s addictiveness. It could also have been the mismatch between Thread’s chaste motto and its user experience. Users got just 70 characters to describe themselves on their profiles. Most of them resorted to catchphrases like “Hook ’em” and “Netflix is life.”

After Thread went bust, Dell moved into philanthropy with a startup called Sqwatt, which promised to deliver “low-cost sanitation solutions for the developing world.” Aside from an empty website and a promotional video with fewer than 100 views, the effort seems to have disappeared.

And yet, despite helming two failed ventures and having little work experience beyond an internship at a financial services company created to manage his father’s fortune, things seem to be working out for Zach Dell. According to his LinkedIn profile, he is now an analyst for the private equity firm Blackstone. He is 22.

America has a social mobility problem. Children born in 1940 had a 90% chance of earning more than their parents. For children born in 1984, the odds were 50-50.

Most accounts of this trend focus on the breakdown of upward mobility: It’s getting harder for the poor to become rich. But equally important is the decline of downward mobility: The rich, regardless of their intelligence, are becoming more likely to stay that way.

There’s a lot of talent being wasted because it’s not able to rise, but there’s also a lot of relatively untalented people who aren’t falling and end up occupying positions they shouldn’t,” said Richard Reeves, a Brookings Institution researcher and the author of “Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It.

According to research carried out by Reeves and others, the likelihood of the rich passing their status down to their children — “stickiness,” in economist-speak — has surpassed the likelihood of poor children remaining poor.

Continue reading at:  https://www.huffpost.com/entry/the-glass-floor-is-keeping-americas-richest-idiots-at-the-top_n_5d9fb1c9e4b06ddfc516e076

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