You think 95% of the US population is short of merit?
I don't see the word merit mentioned anywhere in the definitions of elite or elitism.
elit·ism
1 : leadership or rule by an elite
2 : the selectivity of the elite; especially : SNOBBERY 1
3 : consciousness of being or belonging to an elite
elite
Etymology: French élite, from Old French eslite, from feminine of eslit, past participle of eslire to choose, from Latin eligere
1 a singular or plural in construction : the choice part : CREAM b singular or plural in construction : the best of a class
c singular or plural in construction : the socially superior part of society d : a group of persons who by virtue of position or education exercise much power or influence e : a member of such an elite -- usually used in plural