Some years back–actually it was 2019–I read an article that gladdened my heart. It was written in The Atlantic by gazillionaire Nick Hanauer. It was titled “Better Schools Won’t Fix America.”

Nick is an interesting guy. He is an entrepreneur in Seattle. He works alongside other successful venture capitalists, and for a time, partnered with Bill Gates to persuade the Washington legislature to endorse charter schools as a remedy to replace “failing” public schools.

But somewhere along the way, he had a change of mind and heart. He realized that the basic problem in the U.S. was income inequality, not “failing schools.”

He began his 2019 article:

Long ago, I was captivated by a seductively intuitive idea, one many of my wealthy friends still subscribe to: that both poverty and rising inequality are largely consequences of America’s failing education system. Fix that, I believed, and we could cure much of what ails America.

This belief system, which I have come to think of as “educationism,” is grounded in a familiar story about cause and effect: Once upon a time, America created a public-education system that was the envy of the modern world. No nation produced more or better-educated high-school and college graduates, and thus the great American middle class was built. But then, sometime around the 1970s, America lost its way. We allowed our schools to crumble, and our test scores and graduation rates to fall. School systems that once churned out well-paid factory workers failed to keep pace with the rising educational demands of the new knowledge economy. As America’s public-school systems foundered, so did the earning power of the American middle class. And as inequality increased, so did political polarization, cynicism, and anger, threatening to undermine American democracy itself.Great public schools are the product of a thriving middle class, not the other way around.

Taken with this story line, I embraced education as both a philanthropic cause and a civic mission. I co-founded the League of Education Voters, a nonprofit dedicated to improving public education. I joined Bill Gates, Alice Walton, and Paul Allen in giving more than $1 million eachto an effort to pass a ballot measure that established Washington State’s first charter schools. All told, I have devoted countless hours and millions of dollars to the simple idea that if we improved our schools—if we modernized our curricula and our teaching methods, substantially increased school funding, rooted out bad teachers, and opened enough charter schools—American children, especially those in low-income and working-class communities, would start learning again. Graduation rates and wages would increase, poverty and inequality would decrease, and public commitment to democracy would be restored.

But after decades of organizing and giving, I have come to the uncomfortable conclusion that I was wrong. And I hate being wrong.

What I’ve realized, decades late, is that educationism is tragically misguided. American workers are struggling in large part because they are underpaid—and they are underpaid because 40 years of trickle-down policies have rigged the economy in favor of wealthy people like me. Americans are more highly educated than ever before, but despite that, and despite nearly record-low unemployment, most American workers—at all levels of educational attainment—have seen little if any wage growth since 2000.

To be clear: We should do everything we can to improve our public schools. But our education system can’t compensate for the ways our economic system is failing Americans. Even the most thoughtful and well-intentioned school-reform program can’t improve educational outcomes if it ignores the single greatest driver of student achievement: household income.

Hanauer recognized that the hollowing out of the middle class was harming our entire society:

In short, great public schools are the product of a thriving middle class, not the other way around. Pay people enough to afford dignified middle-class lives, and high-quality public schools will follow. But allow economic inequality to grow, and educational inequality will inevitably grow with it.

Hanauer’s turnaround resonated with me. He was boldly breaking ranks with his peers. I doubt he suffered ostracism, because many of the elites toy with education; it is not a vital interest to them. In my limited experience, watching the uber-rich participate on behalf of charter schools, it appeared that many were going along with the crowd, while some thought that privatization was a miracle cure.

Hanauer understood that children need a good start in life and they need a stable, secure home life to do their best in school. He understood that economic inequality undermined many children’s interest in school, which was less important than survival or a warm winter coat or medical care. He even understood that the decades-long efforts to stamp out unions contributed to economic inequality.

We spoke on the phone. I did a podcast with him. I was impressed by his keen intellect and independence of mind.

With each book I wrote about privatization, I insisted that schools are vital institutions in educating children, but they can’t do it alone. In Reign of Error, I spelled out what I considered a life-course approach to improving the chances of giving children the education they need and deserve.

In the competition between public schools and charter schools, the only measure that outsiders considered was test scores. But I knew that was not right. For many young people, it’s miraculous when they manage to show up for school. They chose to go to school, not to babysit a younger sibling, not to take a part-time job delivering to customers, not to hang out in the local park.

What kind of a school was that? I came to understand that the closest approximation of a school that I imagined was a community school. Community schools provide wraparound services to students and their parents.