"Three generations from shirtsleeves to shirtsleeves."

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I think it's only applicable to .1%ers. I can point to upper middle class families that have sustained that level for generations with similar work ethics. I think it's only when people reach the frick you money status that kids get inherently spoiled

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I disagree. I see upper middle class families (especially small business owners) struggle with this phenomenon. Basically, it applies to any family that owns a business. By the third generation, either no one wants to run it any more, or they're all fighting over who has the rights to it.

It's an aphorism. I suspect there is a great deal of truth in it, but by no means is going to describe everyone.

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I think interpreting this differently. I agree that a small business ownership probably fails at the third generation but I don't think that the 3rd generation necessarily is "spoiled". They just have a desire to create something new.

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Not generally. They're lazy because they want the wealth of the business without having to work to maintain the business. They want to use the profits from the business to explore their passions (usually a liberal arts degree or backpacking through Europe, or just the classic hookers and blow), but want someone else to run it. When they let someone else run it and the profits dry up due to mismanagement, the business and the third generation collapses.

I guess I didn't articulate my question effectively. Reading my OP, I see that I clearly did not.

My question was intended to be whether the quote applies to the US as a whole.

The post Depression/WW2 generation that created the wealth as in turning the US into a superpower followed by the Boomers, Gen X and now the current generation was my intended sample.

Is this a meta concept that we are seeing play out in the US?

I think three generations is too quick, but the overall point stands.

Someone works hard and makes a lot of sacrifices to build a business (and yes, they did build it, Fauxcahontas.) Their kids see the sacrifices involved and understand that nothing is free. But eventually, there will be a generation that had it too easy and doesn't have the drive or the hunger necessary to succeed, and they run everything into the ground.