One point of view – would agree that it applies to some parents with the big caveat in bold (albeit, of course, with the incredible advantages that come from having highly educated, well-off parents).
On the surface, the rich kids seem to be thriving. They have cars, nice clothes, good grades, easy access to health care, and, on paper, excellent prospects. But many of them are not navigating adolescence successfully.
The rich middle- and high-school kids [Arizona State professor Suniya Luthar] and her collaborators have studied show higher rates of alcohol and drug abuse on average than poor kids, and much higher rates than the national norm. They report clinically significant depression or anxiety or delinquent behaviors at a rate two to three times the national average. Starting in seventh grade, the rich cohort includes just as many kids who display troubling levels of delinquency as the poor cohort, although the rule-breaking takes different forms. The poor kids, for example, fight and carry weapons more frequently, which Luthar explains as possibly self-protective. The rich kids, meanwhile, report higher levels of lying, cheating, and theft.
Family businesses are heritable; education, by contrast, is not. No matter how successful parents are, their kids have to earn their own way in (albeit, of course, with the incredible advantages that come from having highly educated, well-off parents). As sociologist Hilary Levey Friedman put it in an interview with Jessica Grose at Slate, “If you’re a doctor, lawyer, or MBA—you can’t pass those on to your kids.”