A Meretricious Meritocracy | 5 of 5

Reserve Army of the Over-Credentialed.

This is the fifth of five posts relating to the modern American meritocracy. The first examines the rise of the postwar meritocracy. The second considers ‘the bureaucratization of everything.’ The third reviews the class consciousness of the professional managerial elite. The fourth surveys the ongoing corruption of the professions. The final installment focuses on the reserve army of the over-credentialed that serves as the praetorian guard for our oligarchy. This series diagnoses American national challenges. Recommendations for reform will be presented in future installments.

Every great cause begins as a movement, becomes a business, and eventually degenerates into a racket. ―Eric Hoffer

The crack-up of the meritocracy has been exacerbated by a trend identified by historian Peter Turchin: “the overproduction of elites.”

In recent decades, the US has directed massive public and private resources into higher education. Student loan debt approximates $2 trillion. Many prestigious colleges and universities are awash in resources. They are incented to raise tuition as they compete to offer amenities. Rising generations have assumed debilitating, demoralizing debt loads, a twenty-first-century variant of indentured servitude.

Turchin highlights the disappointment and rage of “elite aspirants.” Social and political instability ensues as great expectations collide with harsh realities. The stereotype of the PhD barista at Starbucks conveys a melancholy reality.

A Meretricious Meritocracy | 4 of 5

Those entering the professions find themselves in a red-tooth-and-claw competition for a limited number of high-status, high-compensation slots. Those in bureaucratic organizations in law, health care, finance, and management consulting grasp for distinction. Outsized rewards await a small number of star performers, with many others left in the cold. Familiar career paths are closing, as fungible, formulaic tasks are superseded by artificial intelligence.

Existential angst is settling over the meadows and mountains of our meritocracy.