From the article:

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In a darkened McLean auditorium in November, California psychologist Madeline Levine, the author of “The Price of Privilege” — who was invited to speak to parents by the Safe Community Coalition, which also works in the growing authentic-success movement — had harsh words for a packed house. “A majority of your children are average,” she said, pausing as a chorus of sharp inhalations drain the air out of the room. “And guess what? So are you.”
She is addressing an audience of parents who have graduated from selective colleges. No, their IQ's are not average, and since IQ is highly heritable, the IQ's of most of their children will also be above average. According to "Coming Apart" (p66) by Charles Murray, the average IQ of children of two parents who graduated from an elite college is 121.

An honest way to discourage a parenting arms race is to point out that excluding abusive or neglectful parents, it is difficult to find substantial correlations between parenting behaviors and child outcomes.