Even if we still have to tease out the reasons why, we appear to have reached a point where the children of the rich end up better educated, and more likely to succeed, simply because they’re children of the rich.
The buried assumption here, however, is that this could be changed with money. But it’s just as likely that the higher incomes are the result of a better genetic endowment — higher intelligence, more self-discipline, ability to defer gratification, etc. — that is likely to be passed on to kids. This seems particularly likely in light of Bryan Caplan’s conclusion that parental “investment” doesn’t make as big a difference as people think.
The only reason Reynolds can get away with talking about "better genetic endowment" is because he's talking about different outcomes within races. (This is obviously what causes whole families of doctors and lawyers, for example.)
However, the largest gap, both in wealth and education, is between white and black Americans. Is this something that can't be fixed by spending more money on preschools?
And if so, can Reynolds say so?