The term "meritocracy" was coined in Michael Young's satirical 1958 novel, "The Rise of Meritocracy," where it described a kind of self-delusion in which rich people convinced themselves that their wealth was evidence of their moral superiority; it's well-documented that a belief in meritocracy makes you act like an asshole, and also makes you incapable of considering how much of your good fortune is attributable to luck; now, in a new book, The Meritocracy Trap: How America's Foundational Myth Feeds Inequality, Dismantles the Middle Class, and Devours the Elite, Yale Law professor Daniel Markovits documents how a belief in meritocracy also makes rich people totally miserable. Read the rest

During his rally in Cedar Rapids, Iowa yesterday, Trump says he doesn't want a poor person working in his cabinet. "I love all people – rich or poor -- but in those particular positions, I just don't want a poor person. Does that make sense? If you insist, I'll do it – but I like it better this way." I guess this explains why he has the richest cabinet in American history. Read the rest