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.

Jaksot(457)

The Rise of ‘Middle-Finger Politics’

The Rise of ‘Middle-Finger Politics’

Donald Trump can seem like a political anomaly. You sometimes hear people describe his connection with his base in quasi-mystical terms. But really, Trump is an example of an archetype — the right-wing populist showman — that recurs across time and place. There’s Jair Bolsonaro in Brazil, Boris Johnson in Britain, Javier Milei in Argentina. And there’s a long lineage of this type in the United States too.So why is there this consistent demand for this kind of political figure? And why does this set of qualities — ethnonationalist politics and an entertaining style — repeatedly appear at all?John Ganz is the writer of the newsletter Unpopular Front and the author of the forthcoming book “When the Clock Broke: Con Men, Conspiracists, and How America Cracked Up in the Early 1990s.” In this conversation, we discuss how figures like David Duke and Pat Buchanan were able to galvanize the fringes of the Republican Party; Trump’s specific brand of TV-ready charisma; and what liberals tend to overlook about the appeal of this populist political aesthetic.This episode contains strong language.Mentioned:“Right-Wing Populism” by Murray N. Rothbard“The ‘wave’ of right-wing populist sentiment is a myth” by Larry Bartels“How we got here” by Matthew YglesiasBook Recommendations:What Hath God Wrought? by Daniel Walker HoweAfter Nationalism by Samuel GoldmanThe Politics of Cultural Despair by Fritz R. SternThoughts? 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. Our senior engineer is Jeff Geld, with additional mixing from Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes 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 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.

29 Maalis 20241h 18min

Matter of Opinion: Paul Krugman on Inflation, ‘Bad Vibes’ and 2024

Matter of Opinion: Paul Krugman on Inflation, ‘Bad Vibes’ and 2024

We’ll be back on Friday with a new episode. In the meantime, we wanted to share one of our favorite recent episodes from our sister podcast, “Matter of Opinion.”Why does the economy look so good to economists but feel so bad to voters?The Nobel laureate economist Paul Krugman joins the hosts on “Matter of Opinion” to discuss why inflation, interest rates and wages aren’t in line with voters’ perception of the economy. Then, they debate with Paul how big of an influence the economy will be on the 2024 presidential election, and which of the two presumed candidates, Joe Biden and Donald Trump, it could benefit. Plus, Ross Douthat’s lessons on aging, through Michael Caine impressions.Mentioned:“Believing Is Seeing,” from Paul Krugman’s newsletter“The Age of Diminished Expectations,” by Paul Krugman“The Trip” scene: “This Is How Michael Caine Speaks” 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.

26 Maalis 202436min

The Deep Conflict Between Our Work and Parenting Ideals

The Deep Conflict Between Our Work and Parenting Ideals

American policy is uniquely hostile to families. Other wealthy countries guarantee paid parental leave and sick days and heavily subsidize early childhood care — to the tune of about $14,000 per year per child, on average. (The United States, by contrast, spends around $500 per child per year.) So it’s no wonder our birthrate has been in decline, with many people saying they’re having fewer children than they would like.Yet if you look closer at those other wealthy countries, that story doesn’t entirely hold. Sweden, for example, has some of the most generous work-family policies in the world, and according to the most recent numbers from Our World in Data, from 2021, their fertility rate is 1.67 children per woman — virtually identical to ours.Caitlyn Collins is a sociology professor at Washington University in St. Louis and the author of “Making Motherhood Work: How Women Manage Careers and Caregiving.” To understand how family policies affect the experience of child-rearing, she interviewed over a hundred middle-class mothers across four countries with different parenting cultures and levels of social support for families: the United States, Sweden, Italy and Germany. And what she finds is that policies can greatly relieve parents’ stress, but cultural norms like “intensive parenting” remain consistent.In this conversation, we discuss how work-family policies in Sweden frame spending time with children as a right rather than a privilege, how these policies have transformed the gender norms around parenting, why family-friendly policies across the globe don’t increase birthrates, how cultural pressures in America to be both an ideal worker and an ideal parent often clash, why many American parents feel it’s impossible to have more than one or two children, how cultural discourse has led younger women to “dread” motherhood and more.Mentioned:“Parenthood and Happiness: Effects of Work-Family Reconciliation Policies in 22 OECD Countries” by Jennifer Glass, Robin W. Simon and Matthew A. Andersson“Is Maternal Guilt a Cross-National Experience?” by Caitlyn CollinsIf you're interested in this topic, we also recommend checking out this series from the New York Times Opinion:“Would You Have Four Kids if It Meant Never Paying Taxes Again?” by Jessica Grose“Are Men the Overlooked Reason for the Fertility Decline?” by Jessica Grose“If We Want More Babies, Our ‘Profoundly Anti-Family’ System Needs an Overhaul” by Jessica GroseBook Recommendations:Competing Devotions by Mary Blair-LoyMothering While Black by Dawn Marie DowHope in the Dark by Rebecca SolnitThoughts? 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. Our senior engineer is Jeff Geld, with additional mixing from Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes 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 Jessica Grose 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.

22 Maalis 20241h 6min

Birthrates Are Plummeting Worldwide. Why?

Birthrates Are Plummeting Worldwide. Why?

For a long time, the story about the world’s population was that it was growing too quickly. There were going to be too many humans, not enough resources, and that spelled disaster. But now the script has flipped. Fertility rates have declined dramatically, from about five children per woman 60 years ago to just over two today. About two-thirds of us now live in a country or area where fertility rates are below replacement level. And that has set off a new round of alarm, especially in certain quarters on the right and in Silicon Valley, that we’re headed toward demographic catastrophe.But when I look at these numbers, I just find it strange. Why, as societies get richer, do their fertility rates plummet?Money makes life easier. We can give our kids better lives than our ancestors could have imagined. We don’t expect to bear the grief of burying a child. For a long time, a big, boisterous family has been associated with a joyful, fulfilled life. So why are most of us now choosing to have small ones?I invited Jennifer D. Sciubba on the show to help me puzzle this out. She’s a demographer, a political scientist and the author of “8 Billion and Counting: How Sex, Death and Migration Shape Our World.” She walks me through the population trends we’re seeing around the world, the different forces that seem to be driving them and why government policy, despite all kinds of efforts, seems incapable of getting people to have more kids.Mentioned:“Would You Have Four Kids if It Meant Never Paying Taxes Again?” by Jessica Grose“Are Men the Overlooked Reason for the Fertility Decline?” by Jessica Grose“If We Want More Babies, Our ‘Profoundly Anti-Family’ System Needs an Overhaul” by Jessica GroseBook Recommendations:Extra Life by Steven JohnsonThe Bet by Paul SabinReproductive States edited by Rickie Solinger and Mie NakachiThoughts? 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 Michelle Harris, with Kate Sinclair and Mary Marge Locker. Mixing by Isaac Jones. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Jeff Geld 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 Jessica Grose 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.

19 Maalis 20241h

What a Second Biden Term Would Look Like

What a Second Biden Term Would Look Like

President Biden gave a raucous State of the Union speech last Thursday, offering his pitch for why he should be president for a second term. It’s the clearest picture we have yet of Biden’s campaign message for 2024. But while he listed off all kinds of proposals, it’s not as easy to parse what a second Biden term might actually look like. So I sat down with my editor Aaron Retica, who had a lot of questions for me about the speech itself and what Biden would be likely to accomplish if he got another four years in the job.We discuss how my argument for Biden to step aside holds up after he gave such a deft, high-energy performance; what a second Biden administration would likely do when it comes to abortion rights and foreign policy; the issues that didn’t receive much attention in the speech but would likely play a huge role in a second Biden term; the strongest 2024 campaign message that I’ve heard so far; and whether this is a Locke election or a Hobbes election — and what that means.Book Recommendations:Tip O'Neill and the Democratic Century by John A. FarrellA Nation Without Borders by Steven HahnThe Field of Blood by Joanne B. FreemanThoughts? 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 Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing from Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin 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.

12 Maalis 20241h 1min

How America’s Two Abortion Realities Are Clashing

How America’s Two Abortion Realities Are Clashing

When the Supreme Court overturned Roe v. Wade, it scrambled the landscape of abortion access in America, including in ways that one might not entirely expect. Many conservative states made the procedure essentially illegal — that part was predictable. But there’s also been this striking backlash in blue states, with many of them making historic efforts to expand abortion access, for both their residents and for women living in abortion-restricted states.And this has created all kinds of new battle lines — between states, and states and the federal government — involving travel, speech, privacy and executive power. It’s an explosion of conflicts and constitutional questions that the legal historian Mary Ziegler says has no parallel in modern times. She’s the author of six books on reproductive rights in America, including “Roe: The History of a National Obsession,” and the Martin Luther King Jr. professor of law at the University of California, Davis. “We’re seeing, from conservative and progressive states, moves to project power outside of their borders in ways we really haven’t seen in a really long time,” she told me.In this conversation, Ziegler explains the bifurcated abortion landscape that has emerged since the decision in Dobbs v. Jackson Women’s Health Organization overturned Roe. We discuss the different political and legal strategies conservative and progressive states are using to pursue their opposing goals; why the abortion rate has gone up, even as 14 states have implemented near-total bans on abortion; and how a second Trump administration could try to restrict access to abortion for all Americans, no matter what states they live in.Mentioned:“Harsh Anti-abortion Laws Are Not Empty Threats” by Mary ZieglerBook Recommendations:The Family Roe by Joshua PragerTiny You by Jennifer L. HollandDefenders of the Unborn by Daniel K. Williams“Before Roe v. Wade” by Linda Greenhouse and Reva B. SiegelThoughts? 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 and Kristin Lin. Fact-checking by Michelle Harris, with Mary Marge Locker and Kate Sinclair. Our senior engineer is Jeff Geld, with additional mixing from Efim Shapiro. The show’s production team also includes Annie Galvin and Rollin Hu. 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.

8 Maalis 202457min

Marilynne Robinson on Biblical Beauty, Human Evil and the Idea of Israel

Marilynne Robinson on Biblical Beauty, Human Evil and the Idea of Israel

Marilynne Robinson is one of the great living novelists. She has won a Pulitzer Prize and a National Humanities Medal, and Barack Obama took time out of his presidency to interview her at length. Her fiction is suffused with a sense of holiness: Mundane images like laundry drying on a line seem to be illuminated by a divine force. Whether she’s telling the story of a pastor confronting his mortality in “Gilead” or two sisters coming of age in small-town Idaho in “Housekeeping,” her novels wrestle with theological questions of what it means to be human, to see the world more deeply, to seek meaning in life.In recent years, Robinson has tightened the links between her literary pursuits and her Christianity, writing essays about Calvinism and other theological traditions. Her forthcoming work of nonfiction is “Reading Genesis,” a close reading of the first book of the Old Testament (or the Torah, as I grew up knowing it). It’s a countercultural reading in many respects — one that understands the God in Genesis as merciful rather than vengeful and humans as flawed but capable of astounding acts of grace. No matter one’s faith, Robinson unearths wisdom in this core text that applies to many questions we wrestle with today.We discuss the virtues evoked in Genesis — beauty, forgiveness and hospitality — and how to cultivate what Robinson calls “a mind that’s schooled toward good attention.” And we end on her reading of the story of Israel, which I found to be challenging, moving and evocative at a time when that nation has been front and center in the news.Book Recommendations:Foxe’s Book of Martyrs by John FoxeThe Vision of Piers Plowman by William LanglandTheologia GermanicaThoughts? 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 and Kate Sinclair. Our senior engineer is Jeff Geld, with additional mixing from Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, 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 Sonia Herrero and Alex Engebretson. 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.

5 Maalis 20241h 2min

The Wars in Ukraine and Gaza Have Changed. America’s Policy Hasn’t.

The Wars in Ukraine and Gaza Have Changed. America’s Policy Hasn’t.

Joe Biden’s presidency has been dominated by two foreign policy crises: the wars in Ukraine and Gaza. The funding the United States has provided in those wars — billions to both Ukraine and Israel — has drawn backlash from both the right and the left. And now, as the conflicts move into new stages with no clear end game, Biden’s policies are increasingly drawing dissent from the center.Richard Haass is an icon of the U.S. foreign policy establishment. He served as the president of the Council on Foreign Relations for 20 years and currently writes the newsletter Home & Away. He’s recently been making the case that our foreign policy is insufficiently independent — that we’ve become captured by allies that have interests that diverge from our own. His view of this moment is a signal of larger shifts that could be coming in the U.S. foreign policy consensus.In this conversation, we discuss why he thinks America’s current strategy on both Ukraine and Israel is untenable, what he thinks the north star for our strategy in both cases should be, the Republican Party’s 180-degree turn from internationalism to isolationism, what America’s biggest national security threat really is and more.Mentioned:“The Two-State Mirage” by Marc Lynch and Shibley TelhamiBook Recommendations:The World That Wasn’t by Benn SteilSparks by Ian JohnsonDiplomats at War by Charles TrueheartThoughts? 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 Michelle Harris with Mary Marge Locker and Kate Sinclair. Our senior engineer is Jeff Geld, with additional mixing from Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin 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.

1 Maalis 20241h 3min

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