This paper builds a model whose main idea is to generate a dynamics in which (i) educational decisions, at the individual as well at the public level, (ii) fertility decisions, and (iii) the political economy of a society interact and determine the (i) relative quality of public and private education and its distribution, (ii)the fertility differential between the groups and (iii) the distribution of political power, which jointly shape the evolution of income distribution in society. In spite of being a general model, it fits some stylized facts and empirical evidence found in Brazil, a very unequal country with a quite young democracy and very serious educational problems. We solve for the static equilibrium and then calibrate the parameters and solve it numerically. We find that if democracy works well, then we will have no inequality in the long run, and explain which are the forces that maintain us in a high inequality trap.