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Illustration: Sarah Grillo/Axios

America is not a meritocracy. Wealth and power are both largely inherited traits, to the point at which there's a name for the seeming inability of the children of the rich to fail: the glass floor.

Yes, but: While inheriting wealth is relatively uncontroversial, inheriting power can be problematic.

Driving the news: Hunter Biden, Joe Biden's son, has received much good fortune over the course of his life, first as the son of a Delaware senator and then as the son of the vice president of the United States.

"My dad was vice president of the United States. There's literally nothing, as a young man or as a full grown adult, that my father in some way hasn't had influence over."
— Hunter Biden, in an interview with ABC News
  • Hunter was accepted to Yale Law School, became his father's deputy campaign manager, was offered a plum job with a bank holding company that was one of his father's largest campaign contributors, founded a lobbying company, was appointed by President George W. Bush to the board of Amtrak, and founded an investment firm with another political scion, John Kerry's stepson Christopher Heinz.
  • He joined the board of Burisma Holdings, a Ukrainian natural gas producer, in 2014. According to the New York Times, his board seat "allowed Burisma to create the perception that it was backed by powerful Americans at a time when Ukraine was especially dependent on aid and strategic backing from the United States."

None of this is criminal, although when U.S. companies hire Chinese princelings, that can violate the Foreign Corrupt Practices Act. In 2016, for instance, JPMorgan paid a fine of $264 million for giving investment-banking jobs to the children of high-ranking Chinese officials. (Deutsche Bank seems to have done something very similar.)

Politicians' children have a tendency to receive amazing jobs — up to and including senior White House positions, in the case of Ivanka Trump and her husband.

  • John McCain's daughter Meghan c0-hosts "The View" on ABC and she also appears on ABC News. Her co-host Abby Huntsman, the daughter of former Utah Gov. Jon Huntsman, previously worked for NBC News; both of them have also worked for Fox. Bill and Hillary Clinton's daughter, Chelsea, also worked for NBC News.

The bottom line: If you're the child of a prominent politician, your connections are going to be valuable in many different industries. That's going to help your career whether you like it or not. It's also going to leave you open to accusations of nepotism and free-riding.

  • When should scions say no to lucrative opportunities? The emerging consensus seems to be that work for domestic companies is generally accepted, while work for foreign companies is more problematic. But these norms are constantly evolving.

Go deeper

China's crypto throwdown

Illustration: Sarah Grillo/Axios

China's latest move to ban cryptocurrency shows how tough it will be for the technology to deliver on its backers' vision of disruptive, decentralized change.

The big picture: Control of the currency is a foundation of sovereignty, and governments don't plan on losing that control even as money inevitably turns digital.

D.C. homicides fueled by rundown properties

Illustration: Sarah Grillo/Axios

Angela Washington was the last line of defense for residents at the Oak Hill Apartments in Southeast besieged by gun violence. Then, on the evening of Sept. 21, the 41-year-old special police officer was shot to death.

Why it matters: The District’s spike in gun violence is being linked partly to rundown properties that city officials and residents say have become magnets for criminal activity.

Biden's reengineer-America moment

Illustration: Sarah Grillo/Axios

The Senate's bipartisan $1.2 trillion infrastructure bill and President Biden's $3.5 trillion spending package could live or die this week — and take Democrats' fortunes with them. But all the minute-by-minute political drama obscures how much America could change if even a fraction of it passes.

The big picture: Anything short of total failure could have a transformative impact on day-to-day life — from how we move around to our access to the internet, paid family leave and child care, health care and college.