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(455)

Best Of: Salman Rushdie Is Not Who You Think He Is

Best Of: Salman Rushdie Is Not Who You Think He Is

This is one of my favorite episodes of the show in recent memory. It’s a conversation with the author Salman Rushdie about the experience of losing control of your identity in the world. This happened to Rushdie in the most extreme way. But many of us know some milder version of this — and increasingly so in the age of social media. Rushdie’s story is hard to wrap your mind around. When he published his fourth novel, “The Satanic Verses,” in 1988, he was a literary star. And then the Ayatollah of Iran issued a fatwa calling for his assassination. In this episode, Rushdie recounts the ways that upended his world, creating a “shadow self” that he would spend years trying to escape. And he reflects on the different ways he’s wrestled with that shadow self — in the years following the fatwa and then more recently, after a 2022 knife attack that nearly killed him.This episode was originally recorded in April 2024. Mentioned:Knife by Salman RushdieMidnight’s Children by Salman RushdieBook Recommendations:Don Quixote by Miguel de Cervantes, translated by Edith GrossmanOne Hundred Years of Solitude by Gabriel García MárquezThe Trial by Franz KafkaThe Castle by Franz KafkaThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis 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 by Isaac Jones. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero and Mrinalini Chakravorty. 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 Kesä 1h

The Emergent Trump Doctrine

The Emergent Trump Doctrine

Trump has been making some foreign policy moves I didn’t entirely expect. He seems determined to get a nuclear deal with Iran. He’s been public about his disagreements with Benjamin Netanyahu. He called Vladimir Putin “crazy.” And he keeps talking about wanting his legacy to be that of a peacemaker. So what, at this point, can we say about Trump’s foreign policy? What is he trying to do, and how well is it working? If he succeeds, what might his legacy be? Emma Ashford is a senior fellow at the Stimson Center, a foreign policy think tank, and the author of the forthcoming book “First Among Equals.” She comes from a school of thought that’s more sympathetic to the “America First” agenda than I typically am. But she’s also cleareyed about what is and isn’t working and the ways that Trump is an idiosyncratic foreign policy maker who isn’t always following an “America First” agenda himself.  Book Recommendations:A Superpower Transformed by Daniel SargentThe Strategy of Denial by Elbridge ColbyA World Safe for Commerce by Dale CopelandThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis episode of “The Ezra Klein Show” was produced by Elias Isquith. 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 executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Rollin Hu, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director 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.

3 Kesä 1h 4min

Our Lives Are an Endless Series of 'And'

Our Lives Are an Endless Series of 'And'

This is a bit of a strange episode. It’s an attempt to explore the difficulty of everything we’re supposed to feel in a day. We’re in a time when to open the news is to expose yourself to horrors — ones that are a world away, others that are growing ever closer, or perhaps have already made landfall in our lives. And then many of us look up from our screens into a normal spring day. What do you do with that?But that’s not new or exceptional. It’s the human condition. It exists for all of us, and it always has: life intermingling with death, grief coexisting with joy. Kathryn Schulz’s memoir, “Lost & Found,” is all about this experience — the core of her book isn’t losing a parent or finding a life partner. It’s the “and” that connects them both. How do we hold all that we have to hold, all at once? How do we not feel overwhelmed, or emotionally numbed? I found this to be a beautiful conversation. But it’s also a conversation — particularly at the beginning — about loss and grief. That was the part that felt truest to me, and so I hope noting it doesn’t warn you off. But I wanted to note it. Book Recommendations:A Place of Greater Safety by Hilary MantelSpent by Alison BechdelWho Is Government? Edited by Michael LewisThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis 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 by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to the Talbot County Free Library. 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.

30 Touko 1h 6min

The Growing Scandal of $TRUMP

The Growing Scandal of $TRUMP

Steve Bannon famously talked about using “muzzle velocity” as a strategy: doing so much so quickly that you overwhelm the ability of the media to cover it. I think what the Trump family is doing with crypto is muzzle velocity for corruption.What they’re doing isn’t necessarily illegal. It would be if these were official campaign donations; the sums involved are so large, and the buyers include foreign nationals. But the Trump family is making this money personally. And they’re doing it across so many different crypto ventures, it’s almost impossible to keep track.So that’s what I wanted to do with this episode: try to track at least some of it.The person I’ve enlisted to help me out is Zeke Faux. He’s the author of the fantastic book “Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall” and an investigative reporter at Bloomberg, where he’s been covering many of these strange Trump family crypto schemes.This episode contains strong language.Mentioned:“Trump Crypto Venture Has Talked to Binance About Doing Business” by Zeke FauxBook Recommendations:A Distant Mirror by Barbara W. TuchmanNixonland by Rick PerlsteinGretel and the Great War by Adam SachsThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis 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 by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. And special thanks to Richard Painter. 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.

28 Touko 1h 3min

Trump’s Big Budget Bomb

Trump’s Big Budget Bomb

Trump’s “big, beautiful bill” is the cruelest and most irresponsible piece of domestic legislation to be seriously proposed in my lifetime.When you think about this bill, you should think about risk. It would increase our risk of a fiscal crisis by adding a hefty sum to our nation’s debt, at a time when we’re alienating the countries that typically buy our debt. It would slash food stamps and strip health insurance from millions of people, increasing the risk that the safety net won’t be able to catch any of us, at a time when President Trump’s tariffs have increased the risk of a recession.It’s what I’m calling the Big Budget Bomb. And if it passes, we’ll all be in the blast radius.My guest today is Catherine Rampell. She’s an opinion columnist at The Washington Post and an anchor on MSNBC. She’s been covering this closely, so I asked her to come on the show to help talk through all the different risks this bill brings.Editor’s note: This episode was recorded before the House passed Trump’s domestic policy package.Mentioned:“Arkansas’s Medicaid experiment has proved disastrous” by Catherine Rampell“The Time Tax” by Annie Lowrey“Barbara Kingsolver Thinks Urban Liberals Have It All Wrong on Appalachia” by The Ezra Klein ShowBook Recommendations:Our Dollar, Your Problem by Ken RogoffDemon Copperhead by Barbara KingsolverShy by Mary Rodgers and Jesse GreenThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis 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 and Aman Sahota. Our senior engineer is Jeff Geld. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Tyson Brody. 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 Touko 1h 5min

How Groupthink Protected Biden and Re-elected Trump

How Groupthink Protected Biden and Re-elected Trump

This episode is about a seemingly simple question: Was there a Joe Biden cover-up?Jake Tapper and Alex Thompson’s new book argues there was. “Original Sin: President Biden’s Decline, Its Cover-Up, and His Disastrous Choice to Run Again” details how Biden’s top advisers closed the circle around him and tried to conceal the extent of his decline.But I think the story here is more complicated. If Biden’s top advisers were misleading the public, I think they were also lying to themselves. And if there was a cover-up, it had a lot of holes; voters had been telling pollsters they were worried about Biden’s age for years.So I wanted to have Tapper on the show to talk about the discoveries in his book, but also about some of the bigger questions raised by the Democratic Party’s decision to almost renominate Biden: How do you see what is right in front of your eyes? How do you avoid letting loyalty to a person or a party blind you?This episode contains strong language.Mentioned:“Democrats Have a Better Option Than Biden” by Ezra Klein“Behind Closed Doors, Biden Shows Signs of Slipping” by Annie Linskey and Siobhan HughesBook Recommendations:Lorne by Susan MorrisonHitler’s People by Richard EvansThe Holy Roller by Andy Samberg, Joe Trohman and Rick RemenderThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis episode of “The Ezra Klein Show” was produced by Elias Isquith. Fact-checking by Kelsey Kudak. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Michelle Harris, Rollin Hu, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director 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 Touko 1h 20min

Is Trump Losing? A Debate

Is Trump Losing? A Debate

Is Donald Trump eroding American democracy and consolidating power for himself? Or is he trying to do that and failing? Is this what sliding toward authoritarianism looks like? Or is this what a functioning democracy looks like? And how can you tell the difference?Two articles came out recently that offer very different perspectives on these questions. In Vox, Zack Beauchamp wrote a piece called “Trump Is Losing,” which argues that Trump’s efforts to cow his enemies and consolidate power are not organized or strategic enough to make a serious dent in our democratic system. In The New Yorker, Andrew Marantz published a piece that he reported in Hungary, about how life in a modern authoritarian regime doesn’t look and feel like you might expect: “You can live through the big one, it turns out, and still go on acting as if — still go on feeling as if — the big one is not yet here,” he writes.So I invited both Beauchamp and Marantz on the show to debate these big questions: What timeline are we on? What signs are they looking at? If we’ve crossed the line into authoritarianism, how would we know? Is Trump losing? Or is it possible he’s already won?This episode contains strong language.Mentioned:How Democracies Die by Steven Levitsky and Daniel Ziblatt“The Path to American Authoritarianism” by Steven Levitsky and Lucan A. Way“How Will We Know When We Have Lost Our Democracy?” by Steven LevitskyLucan Way and Daniel Ziblatt“Don’t Believe Him” by Ezra Klein“The Emergency Is Here” by Ezra KleinDemocracy May Not Exist But We’ll Miss It When It’s Gone by Astra TaylorRecommendationsPolitical Liberalism by John RawlsEichmann in Jerusalem by Hannah ArendtA World After Liberalism by Matthew RoseMelting Point by Rachel CockerellI’m Still Here (film)The Constitutional Bind by Aziz RanaThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis episode of “The Ezra Klein Show” was produced by Rollin Hu and Jack McCordick. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Elias Isquith, Marina King, Jan Kobal and Kristin Lin. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director 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.

16 Touko 1h 13min

‘We Have to Really Rethink the Purpose of Education’

‘We Have to Really Rethink the Purpose of Education’

I honestly don’t know how I should be educating my kids. A.I. has raised a lot of questions for schools. Teachers have had to adapt to the most ingenious cheating technology ever devised. But for me, the deeper question is: What should schools be teaching at all? A.I. is going to make the future look very different. How do you prepare kids for a world you can’t predict?And if we can offload more and more tasks to generative A.I., what’s left for the human mind to do?Rebecca Winthrop is the director of the Center for Universal Education at the Brookings Institution. She is also an author, with Jenny Anderson, of “The Disengaged Teen: Helping Kids Learn Better, Feel Better, and Live Better.” We discuss how A.I. is transforming what it means to work and be educated, and how our use of A.I. could revive — or undermine — American schools.Mentioned:Brookings Global Task Force on AI EducationWinthrop’s World of EducationBook Recommendations:Democracy and Education by John DeweyUnwired by Gaia BernsteinBlueprint for Revolution by Srdja PopovicThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find the transcript 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.htmlThis 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 by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Alexander Gil Fuentes and Switch and Board Podcast Studio. 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 Touko 1h 8min

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