(Roughly) Daily

“Where wealth accumulates, men decay”*

One long, brutal game of musical chairs…

It’s easy to place the blame for America’s economic woes on the 0.1 percent. They hoard a disproportionate amount of wealth and are taking an increasingly and unacceptably large part of the country’s economic growth. To quote Bernie Sanders, the “billionaire class” is thriving while many more people are struggling. Or to channel Elizabeth Warren, the top 0.1 percent holds a similar amount of wealth as the bottom 90 percent — a staggering figure.

There’s a space between that 0.1 percent and the 90 percent that’s often overlooked: the 9.9 percent that resides between them. They’re the group in focus in a new book by philosopher Matthew Stewart, The 9.9 percent: The New Aristocracy That Is Entrenching Inequality and Warping Our Culture.

There are some defining characteristics of today’s American upper-middle class, per Stewart’s telling. They are hyper-focused on getting their kids into great schools and themselves into great jobs, at which they’re willing to work super-long hours. They want to live in great neighborhoods, even if that means keeping others out, and will pay what it takes to ensure their families’ fitness and health. They believe in meritocracy, that they’ve gained their positions in society by talent and hard work. They believe in markets. They’re rich, but they don’t feel like it — they’re always looking at someone else who’s richer.

They’re also terrified. While this 9.9 percent drives inequality — they want to lock in their positions for themselves and their families — they’re also driven by inequality. They recognize that American society is increasingly one of have-nots, and they’re determined not to be one of them…

America’s upper-middle class works more, optimizes their kids, and is miserable: “The problem with America’s semi-rich“– Emily Stewart (@EmilyStewartM) talks with Matthew Stewart.

* Oliver Goldsmith

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As we rethink requisites, we might recall that it was on this date in 1851 that Richard Bentley, a London publisher, released The Whale, by Herman Melville in a printing of 500 copies. About a month later it was published (in a slighted different version) in the U.S. under its better-known title, Moby Dick.

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