Capitalism’s detractors are as likely to denounce the exploitative nature of free markets during a downturn as they are to lament the displacement and disorientation that follows when the economy roars. The bottom line is static; only the emphasis changes. Though this tendency is a bipartisan one, capitalism’s skeptics are still more at home on the left. With the lingering effects of the Great Recession all but behind us, the liberal argument against capitalism’s excesses has shifted from mitigating the effects on low-skilled workers to warnings about the pernicious effects of prosperity.

Matthew Stewart’s expansive piece in The Atlantic this month is a valuable addition to the genre. In it, Stewart attacks the rise of a permanent aristocracy resulting from the plague of “income inequality,” but his argument is not a recitation of the Democratic Party’s 2012 election themes. It isn’t just the mythic “1 percent,” (or, in the author’s estimation, the “top 0.1 percent”) but the top 9.9 percent that has not only accrued unearned benefits from capitalist society but has fixed the system to ensure that those benefits are hereditary.

Stewart laments the rise of a new Gilded Age in America, which is anecdotally exemplified by his own comfort and prosperity—a spoil he appears to view as plunder stolen from the blue-collar service providers he regularly patronizes. You see, he is a member of a new aristocracy, which leverages its economic and social capital to wall itself off from the rest of the world and preserves its influence. He and those like him have “mastered the old trick of consolidating wealth and passing privilege along at the expense of other people’s children.” This corruption and Stewart’s insecurity is, he contends, a product of consumerism. “The traditional story of economic growth in America has been one of arriving, building, inviting friends, and building some more,” Stewart wrote. “The story we’re writing looks more like one of slamming doors shut behind us and slowly suffocating under a mass of commercial-grade kitchen appliances.”

Though he diverges from the kind of scientistic Marxism reanimated by Thomas Piketty, Stewart nevertheless appeals to some familiar Soviet-style dialectical materialism. “Inequality necessarily entrenches itself through other, nonfinancial, intrinsically invidious forms of wealth and power,” he wrote. “We use these other forms of capital to project our advantages into life itself.” In this way, Stewart can have it all. The privilege enjoyed by the aristocracy is a symptom of Western capitalism’s sickness, but so, too, are the advantages bestowed on the underprivileged. Affirmative action programs in schools, for example, function in part to “indulge rich people in the belief that their college is open to all on the basis of merit.”

It goes on like this for another 13,000 words and, thus, has the strategic advantage of being impervious to a comprehensive rebuttal outside of a book. Stewart does make some valuable observations about entrenched interests, noxious rent-seekers, and the perils of empowering the state to pick economic winners and losers. Where his argument runs aground is his claim that meritocracy in America is an illusion. Capitalism is, he says, a brutal zero-sum game in which true advancement is rendered unattainable by unseen forces is a foundational plank of the liberal American ethos. This is not new. Not new at all.

Much of Stewart’s thesis can be found in a 2004 report in The Economist, which alleges that the American upper-middle-class has created a set of “sticky” conditions that preserve their status and result in what Teddy Roosevelt warned could become an American version of a “hereditary aristocracy.” In 2013, the American economist Joseph Stiglitz warned that the American dream is dead, and the notion that the United States is a place of opportunity is a myth. “Since capitalism required losers, the myth of the melting pot was necessary to promote the belief in individual mobility through hard work and competition,” read a line from a 1973 edition of a National Council for the Social Studies-issued handbook for teachers. The Southern Poverty Law Center, which for some reason produces a curriculum for teachers, has long recommended that educators advise students poverty is a result of systemic factors and not individual choices. Even today, a cottage industry has arisen around the notion that Western largess is decadence, that meritocracy is a myth, and that arguments to the contrary are acts of subversion.

The belief that American meritocracy is a myth persists despite wildly dynamic conditions on the ground. As the Brookings Institution noted, 60 percent of employed black women in 1940 worked as household servants, compared with just 2.2 percent today. In between 1940 and 1970, “black men cut the income gap by about a third,” wrote Abigail and Stephan Thernstrom in 1998. The black professional class, ranging from doctors to university lecturers, exploded in the latter half of the 20th Century, as did African-American home ownership and life expectancy rates. The African-American story is not unique. The average American income in 1990 was just $23,730 annually. Today, it’s $58,700—a figure that well outpaces inflation and that outstrips most of the developed world. The American middle-class is doing just fine, but that experience has not come at the expense of Americans at or near the poverty line. As the economic recovery began to take hold in 2014, poverty rates declined precipitously across the board, though that effect was more keenly felt by minority groups which recovered at faster rates than their white counterparts.

As National Review’s Max Bloom pointed out last year, 13 of the world’s top 25 universities and 21 of the world’s 50 largest universities are located in America. The United States attracts substantial foreign investment, inflating America’s much-misunderstood trade deficit. The influx of foreign immigrants and legal permanent residents streaming into America looking to take advantage of its meritocratic system rivals or exceeds immigration rates at the turn of the 20th Century. You could be forgiven for concluding that American meritocracy is self-evident to all who have not been informed of the general liberal consensus. Indeed, according to an October 2016 essay in The Atlantic by Victor Tan Chen, the United States so “fetishizes” meritocracy that it has become “exhausting” and ultimately “harmful” to its “egalitarian ideals.”

Stewart is not wrong that there has been a notable decline in economic mobility in this decade. That condition is attributable to many factors, ranging from the collapse of the mortgage market to the erosion of the nuclear family among lower-to middle-class Americans (a charge supported by none-too-conservative venues like the New York Times and the Brookings Institution). But Mr. Stewart will surely rejoice in the discovery that downward economic mobility is alive and well among the upper class. National Review’s Kevin Williamson observed in March of this year that the Forbes billionaires list includes remarkably few heirs to old money. “According to the Bureau of Labor Statistics, inherited wealth accounts for about 15 percent of the assets of the wealthiest Americans,” he wrote. Moreover, that list is not static; it churns, and that churn is reflective of America’s economic dynamism. In 2017, for example, “hedge fund managers have been displaced over the last two years not only by technology billionaires but by a fish stick king, meat processor, vodka distiller, ice tea brewer and hair care products peddler.”

There is plenty to be said in favor of America’s efforts to achieve meritocracy, imperfect as those efforts may be. But so few seem to be touting them, preferring instead to peddle the idea that the ideal of success in America is a hollow simulacrum designed to fool its citizens into toiling toward no discernable end. Stewart’s piece is a fine addition to a saturated marketplace in which consumers are desperate to reward purveyors of bad news. Here’s to his success.