The Life-Altering Differences Between White and Black Debt
The Ezra Klein Show2 Marras 2021

The Life-Altering Differences Between White and Black Debt

Public policy in the United States often overlooks wealth. We tend to design, debate and measure our economic policies with regard to income alone, which blinds us to the ways prosperity and precarity tangibly function in people’s lives. And that blind spot can ultimately prevent us from addressing social inequality at its roots.

Take the debate over student loan cancellation. Cancellation is often framed as an economically regressive policy — an elite giveaway of sorts — with the majority of benefits going to individuals toward the top end of the income distribution. But that distributive picture flips when you look at wealth instead of income. One recent paper found that if the federal government decided to forgive up to $50,000 in student loan debt, the average person in the 20th to 40th percentiles for household assets would receive more than four times as much debt cancellation as the average person in the top 10 percent.

Louise Seamster is a sociologist at the University of Iowa whose work focuses on the intersection of wealth, race, education and inequality. She’s one of the sharpest minds studying the way systems of wealth creation and depletion shape everything from the benefits of higher education to the barriers to racial equality to the nature of democratic citizenship. And her cutting-edge research on the student debt crisis and the racial wealth gap served as a major source of inspiration for Senator Elizabeth Warren’s $50,000 loan forgiveness plan.

This conversation begins with a discussion of the student debt crisis in particular: what it’s like to live with crushing levels of debt, the debate over whether cancellation is fair to those who have paid off their loans, why you can’t truly understand the student debt crisis without understanding the wealth dynamics that undergird it, how loan forgiveness would alter the racial wealth gap, what an entirely different model for funding higher education would look like and more.

But this discussion is also more broadly about what it means to think in terms of wealth — and its inverse, debt — and what a radically different picture that reveals about the American economy and society.

Mentioned:

Racialized Debts: Racial Exclusion From Credit Tools and Information Networks” by Raphaël Charron-Chénier and Louise Seamster

An Administrative Path to Student Debt Cancellation” by Luke Herrine

Black Debt, White Debt” by Louise Seamster

Student Debt Cancellation IS Progressive: Correcting Empirical and Conceptual Errors” by Charlie Eaton, Adam Goldstein, Laura Hamilton and Frederick Wherry

Student Debt Forgiveness Options: Implications for Policy and Racial Equity” by Raphaël Charron-Chenier, Louise Seamster, Tom Shapiro and Laura Sullivan

Predatory Inclusion and Education Debt: Rethinking the Racial Wealth Gap” by Louise Seamster and Raphaël Charron-Chénier

Racial Disparities in Student Debt and the Reproduction of the Fragile Black Middle Class” by Jason N. Houle and Fenaba R. Addo

Book Recommendations:

The Color of Money by Mehrsa Baradaran

A Pound of Flesh by Alexes Harris

The Sum of Us by Heather McGhee

This episode is guest-hosted by Tressie McMillan Cottom, a sociologist and writer whose work focuses on higher education policy, popular culture, race, beauty and more. She writes a weekly New York Times newsletter and is the author of “Thick and Other Essays,” which was a finalist for the National Book Award, and “Lower Ed: The Troubling Rise of For-Profit Colleges in the New Economy.” You can follow her on Twitter @TressieMcPhD. (Learn more about the other guest hosts during Ezra’s parental leave here.)

You can find transcripts (posted midday) and more episodes of "The Ezra Klein Show" at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

“The Ezra Klein Show” is produced by Annie Galvin, Jeff Geld and Rogé Karma; fact-checking by Mary Marge Locker and Michelle Harris; original music by Isaac Jones; mixing by Jeff Geld, audience strategy by Shannon Busta. Special thanks to Kristin Lin.

Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

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Kamala Harris Wants to Win

Kamala Harris Wants to Win

On Thursday night, Kamala Harris reintroduced herself to America. And by the standards of Democratic convention speeches, this one was pretty unusual. In this conversation I’m joined by my editor, Aaron Retica, to discuss what Harris’s speech reveals about the candidate, the campaign she’s going to run and how she believes she can win in November.Mentioned:The Truths We Hold by Kamala HarrisThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Claire Gordon. Fact-checking by Michelle Harris, with Jack McCordick. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Rollin Hu, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

23 Elo 202443min

Can the Democratic Party Reclaim Freedom?

Can the Democratic Party Reclaim Freedom?

Democrats spent the third night of their convention pitching themselves as the party of freedom. In this conversation, my producer Annie Galvin joined me on the show to take a deep look at that messaging. Why do Democrats see an opportunity in this election to seize an idea that Republicans have monopolized for decades? What’s the meaning of “freedom” that Democrats seem to be embracing? And how does this message square with other Democratic Party values, like belief in the ability of government to do good?Mentioned:How Democracies Die by Steven Levitsky and Daniel ZiblattThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced and hosted by Annie Galvin. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Rollin Hu, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

22 Elo 202443min

The Obamas Strike Back

The Obamas Strike Back

Is Obamaism making a comeback? Tuesday night at the Democratic National Convention, Michelle and Barack Obama electrified the crowd with the most powerful speeches of the week so far, and seemed to anoint Kamala Harris as the inheritor of their political movement. For this audio diary, I’m joined by my producer Elias Isquith to dissect those two speeches. We discuss what Obamaism was in 2008 and 2012, and what it means to pass the baton to Harris in 2024.Mentioned:“Biden Made Trump Bigger. Harris Makes Him Smaller.” by Ezra Klein“That Feeling You Recognize? Obamacore.” by Nate JonesThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced and hosted by Elias Isquith. Fact-checking by Michelle Harris, with Mary Marge Locker and Kate Sinclair. Our senior engineer is Jeff Geld. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Rollin Hu, Kristin Lin and Aman Sahota. Original music by Aman Sahota and Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

21 Elo 202439min

Democrats Don’t Think They Have This Election Won

Democrats Don’t Think They Have This Election Won

I’m reporting from the Democratic National Convention this week, so we’re going to try something a little different on the show — a daily audio report of what I’m seeing and hearing here in Chicago. For our first installment, I’m joined by my producer, Rollin Hu, to discuss what the convention’s opening night revealed about the Democratic Party after a tumultuous couple of months. We talk about how Joe Biden transformed the party over the past four years, the behind-the-scenes efforts to shape the party under Kamala Harris, the impact of the Gaza protests and why many Democrats — despite Harris’s recent momentum — feel cautious about their odds in November.Mentioned:“Trump Turned the Democratic Party Into a Pitiless Machine” by Ezra KleinRep. Alexandria Ocasio-Cortez’s Full Speech at Democratic National ConventionThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced and hosted by Rollin Hu. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

20 Elo 202432min

Manliness, Cat Ladies, Fertility Panic and the 2024 Election

Manliness, Cat Ladies, Fertility Panic and the 2024 Election

A strange new gender politics is roiling the 2024 election. At the Republican National Convention, Donald Trump made his nomination a show of campy masculinity, with Hulk Hogan, Kid Rock and Dana White, the president of the Ultimate Fighting Championship, warming up the crowd. JD Vance’s first viral moments have been comments he made in 2021 about “childless cat ladies” running the Democratic Party and a “thought experiment” assigning extra votes to parents because they have more of an “investment in the future of this country.” Meanwhile, Kamala Harris is centering her campaign on abortion rights, and Tim Walz has been playing up his own classically masculine profile — as a former football coach, hunter and Midwestern dad.  What are the two sides here really saying about gender and family? And what are the new fault lines of our modern-day gender wars?Christine Emba is a staff writer at The Atlantic and the author of “Rethinking Sex: A Provocation.” Zack Beauchamp is a senior correspondent at Vox and the author of the new book “The Reactionary Spirit: How America's Most Insidious Political Tradition Swept the World.” In this conversation, we discuss some influences on JD Vance’s ideas about gender and family, the tensions between those ideas and the beliefs about gender represented by Donald Trump, the competing visions of masculinity presented by the two parties in this election, how Dobbs changed Democrats’ message on gender and family, and more.Mentioned:“What Does the 'Post-Liberal Right' Actually Want?” with Patrick Deneen on The Ezra Klein Show“A Powerful Theory of Why the Far Right Is Thriving Across the Globe” with Pippa Norris on The Ezra Klein ShowBook Recommendations:Black Pill by Elle ReeveWhat Are Children For? by Anastasia Berg and Rachel WisemanThe Lord of the Rings trilogy by J.R.R. TolkienJustice, Gender, and the Family by Susan Moller OkinCultural Backlash by Pippa Norris, Ronald InglehartConservative Parties and the Birth of Democracy by Daniel ZiblattThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Annie Galvin. Fact-checking by Michelle Harris, with Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Isaac Jones and Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Rollin Hu, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

16 Elo 20241h 30min

Nate Silver on Kamala Harris’s Chances and the Mistakes of the ‘Indigo Blob’

Nate Silver on Kamala Harris’s Chances and the Mistakes of the ‘Indigo Blob’

Risk has been on my mind this year. For Democrats, the question of whether Joe Biden should drop out was really a question about risk – the risk of keeping him on the ticket versus the risk of the unknown. And it’s hard to think through those kinds of questions when you have incomplete information and so much you can’t predict. After all, few election models forecast that Kamala Harris would have the kind of momentum we’ve seen the last few weeks.Nate Silver’s new book, “On the Edge: The Art of Risking Everything,” is all about thinking through risk, and the people who do it professionally, from gamblers to venture capitalists. (Silver is a poker player himself.) And so I wanted to talk to him about how that kind of thinking could help in our politics – and its limits.We discuss how Harris is performing in Silver’s election model; what he means when he talks about “the village” and “the river”; what Silver observed profiling Peter Thiel and Sam Bankman-Fried, two notorious risk-takers, for the book; the trade-offs of Harris’s decision to choose Tim Walz over Josh Shapiro as a running mate; and more.This episode contains strong language.Mentioned:The Contrarian by Max Chafkin“Nancy Pelosi on Joe Biden, Tim Walz and Donald Trump” by The Ezra Klein ShowBook Recommendations:The Hour Between Dog and Wolf by John CoatesThe Making of the Atomic Bomb by Richard RhodesAddiction by Design by Natasha Dow SchüllThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Efim Shapiro and Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Michelle Harris, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

13 Elo 20241h 6min

Nancy Pelosi: ‘It Didn’t Sound Like Joe Biden to Me’

Nancy Pelosi: ‘It Didn’t Sound Like Joe Biden to Me’

It’s been remarkable watching the Democratic Party act like a political party this past month — a party that makes decisions collectively, that does hard things because it wants to win, that is more than the vehicle for a single person’s ambitions. But parties are made of people. And in the weeks leading up to President Biden’s decision to drop out of the race, it felt like the Democratic Party was made of one particular person: Nancy Pelosi. Two days after Biden released a forceful letter to congressional Democrats insisting he was staying in the race, the former speaker went on “Morning Joe” and cracked that door back open. And Pelosi has pulled maneuvers like this over and over again in her political career. When an opportunity seems almost lost, she simply asserts that it isn’t and then somehow makes that true. Sometimes it seems like Pelosi is one of the last people left in American politics who knows how to wield power.Pelosi has a new book, “The Art of Power: My Story as America’s First Woman Speaker of the House,” and I wanted to talk to her about her role in Biden’s decision to drop out and what she’s learned about power in her decades in Congress.Book Recommendations:The Island of the Day Before by Umberto EcoLove in the Time of Cholera by Gabriel García MárquezThe Age of Wonder by Richard HolmesThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Elias Isquith. Fact-checking by Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Michelle Harris, Rollin Hu and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Jonah Kessel, Emily Holzknecht, Kristen Cruzata and Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

9 Elo 202458min

Kamala Harris Isn’t Playing It Safe

Kamala Harris Isn’t Playing It Safe

In picking Tim Walz as her running mate, Kamala Harris is after more than just Pennsylvania.Mentioned:“Is Tim Walz the Midwestern Dad Democrats Need?” by The Ezra Klein ShowThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by our senior editor, Claire Gordon. Fact-checking by Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. The show’s production team also includes Annie Galvin, Michelle Harris, Rollin Hu, Elias Isquith and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

6 Elo 202430min

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