The Life-Altering Differences Between White and Black Debt

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.

Episoder(459)

Ross Douthat on Trump, Mysticism and Psychedelics

Ross Douthat on Trump, Mysticism and Psychedelics

I have no earthly idea how to describe this conversation. It’s about religion and belief – at this moment in our politics, and in our lives more generally.My guest and I come from very different perspectives. Ross Douthat is a Catholic conservative, who wrote a book called “Believe: Why Everyone Should Be Religious.” I’m a … Californian. But I think everyone would enjoy this conversation — believers, skeptics and seekers alike.Some questions touched on: Is the Trump administration Christian or pagan? How do Christian Trump supporters reconcile the cruelties of this administration with their faith? Can religious experiences be explained by misfiring neurons? Should organized religions embrace psychedelics? Can mystery provide more comfort than certainty?And if you do enjoy this episode, be sure to check out Douthat’s new New York Times Opinion Audio show “Interesting Times,” available wherever you get your podcasts, and on YouTube.Mentioned:Interesting Times with Ross Douthat“Donald Trump, Man of Destiny” by Ross DouthatLiving with a Wild God by Barbara EhrenreichBook Recommendations:Modern Physics and Ancient Faith by Stephen BarrAfter by Bruce GreysonMind and Cosmos by Thomas NagelThoughts? 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 Kate Sinclair and Mary Marge Locker. Mixing by Isaac Jones, with Aman Sahota and Efim Shapiro. 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.

25 Apr 1h 35min

The Very American Roots of Trumpism

The Very American Roots of Trumpism

After last week’s episode, “The Emergency Is Here,” we got a lot of emails. And the most common reply was: You really think we’ll have midterm elections in 2026? Isn’t that naïve?I think we will have midterms. But one reason I think so many people are skeptical of that is they’re working with comparisons to other places: Mussolini’s Italy, Putin’s Russia, Pinochet’s Chile.But we don’t need to look abroad for parallels; it has happened here.Steven Hahn is a Pulitzer Prize-winning historian at New York University and the author of “Illiberal America: A History.” In this conversation, he walks me through some of the most illiberal periods in American history: Andrew Jackson’s Indian Removal Act of 1830, Jim Crow, the Red Scare, Japanese American internment, Operation Wetback. And we discuss how this legacy can help us better understand what’s happening right now.This episode contains strong language.Book Recommendations:Democracy in America by Alexis de TocquevilleFrom the War on Poverty to the War on Crime by Elizabeth HintonTroubled Memory by Lawrence N. PowellThoughts? 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 Jack McCordick, Annie Galvin and Elias Isquith. Fact-checking by Kate Sinclair, Mary Marge Locker and Michelle Harris. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota and Isaac Jones. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, 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.

23 Apr 1h 13min

The Emergency Is Here

The Emergency Is Here

The president of the United States is disappearing people to a Salvadoran prison for terrorists: a prison built for disappearance, a prison where there is no education or remediation or recreation, a prison where the only way out, according to El Salvador’s justice minister, is in a coffin.The president says he wants to send “homegrown” Americans there next.This is the emergency. Like it or not, it’s here.Asha Rangappa is a former F.B.I. special agent and now an assistant dean and senior lecturer at the Yale Jackson School of Global Affairs, as well as a member of the board of editors for Just Security and the author of The Freedom Academy on Substack.Mentioned:“Abrego Garcia and MS-13: What Do We Know?” by Roger ParloffBook Recommendations:The Burning by Tim MadiganBreaking Twitter by Ben MezrichErasing History by Jason StanleyThoughts? 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 Rollin Hu, Jack McCordick, Kristin Lin and Kate Sinclair. Mixing by Isaac Jones and Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Marina King and Jan Kobal. 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 Aaron Reichlin-Melnick. 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.

17 Apr 1h 12min

Tom Friedman Thinks We’re Getting China Dangerously Wrong

Tom Friedman Thinks We’re Getting China Dangerously Wrong

My colleague Tom Friedman thinks we’re screwed.That’s the first thing he told me when recounting his recent trip to China. It’s not just because of the trade war that President Trump is escalating right now. Friedman believes the whole Washington consensus on China — that the country is a hostile adversary — is dangerous and based on an outdated understanding of what China now is. He saw how China’s manufacturing and technology have advanced so far that in many ways it now surpasses the United States’.In this conversation, Friedman walks me through the advancements he saw in some of the most critical fields of the coming decades — including A.I., E.V.s and clean energy. We discuss why he sees the current consensus as dangerous, what a different path might look like and what the United States should do to develop its domestic manufacturing so that we don’t “get steamrolled.”This episode contains strong language.Mentioned:“I Just Saw the Future. It Was Not in America.” by Thomas L. Friedman“China's overlapping tech-industrial ecosystems” by Kyle ChanGenesis by Henry A. Kissinger, Eric Schmidt and Craig Mundie Book Recommendations:The works of Yuval Noah HarariThoughts? 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.This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris, with Mary Marge Locker and Kate Sinclair. Mixing by Isaac Jones, with Aman Sahota and Efim Shapiro. 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. And special thanks to Zoe Zongyuan Liu, Kyle Chan and Matt Sheehan. 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.

15 Apr 1h 8min

Trump’s Tariffs, Market Panic and What Comes Next

Trump’s Tariffs, Market Panic and What Comes Next

After a week of market chaos, President Trump pulled back from the brink. But he didn’t pull that far back. He left a 10 percent tariff on most of the world and launched a trade war with China. It’s unclear what he will do after this 90-day pause or what countries need to do to satisfy him. But one thing that is very clear now is that our economy is subject to one man’s whims.How are businesses supposed to adapt to this new reality? What is this new reality?Peter R. Orszag is the chief executive and chairman of Lazard, one of the world’s largest asset management and global financial advisory firms. He also served as the director of the Office of Management and Budget under President Barack Obama, so was a policymaker during a financial crisis. And over the past few months, he’s been talking to lots of C.E.O.s and corporate board members as they try to process these changing policies. I wanted to ask him what he’s been hearing and how he sees the volatility of this moment.Mentioned:“A User’s Guide to Restructuring the Global Trading System” by Stephen Miran“Paul Krugman on the ‘Biggest Trade Shock in History’” by The Ezra Klein ShowTrade Wars Are Class Wars by Matthew C. Klein and Michael PettisBook Recommendations:Underground Empire by Henry Farrell and Abraham NewmanChokepoints by Edward FishmanSmart Money by Brunello Rosa and Casey LarsenThe Catalyst by Thomas R. CechKaput by Wolfgang MünchauThoughts? 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 Jack McCordick. Fact-checking by Michelle Harris, with Mary Marge Locker and Kate Sinclair. Mixing by Isaac Jones, with Aman Sahota and Efim Shapiro. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, 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. Special thanks to Matt Klein. 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.

11 Apr 1h

Paul Krugman on the ‘Biggest Trade Shock in History’

Paul Krugman on the ‘Biggest Trade Shock in History’

The tariffs President Trump unveiled this week were both bigger than most people expected and a lot more confusing. These aren’t the flat tariffs he proposed during the campaign. And they aren’t reciprocal tariffs, as he claimed in his Rose Garden speech. So what is Trump actually doing here?I knew my former colleague Paul Krugman would have some thoughts. Krugman is a Nobel laureate trade economist who was a New York Times Opinion columnist for 25 years. He now writes an excellent newsletter on Substack, where he’s been trying to make sense of the theories behind Trump’s tariff policies and, now, their strange reality.Mentioned:“Stop Looking for Methods in the Madness” by Paul KrugmanBook Recommendations:The Price of Peace by Zachary D. CarterHow Not to Invest by Barry RitholtzWar and Power by Phillips Payson O’BrienThoughts? 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 Efim Shapiro and Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Elias Isquith, 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.

5 Apr 50min

‘Our Kids Are the Least Flourishing Generation We Know Of’

‘Our Kids Are the Least Flourishing Generation We Know Of’

There’s something of a policy revolution afoot: As of March, more than a dozen states — including California, Florida and Ohio — have passed bills or adopted policies that aim to limit cellphone usage at school. More are expected to follow.Jonathan Haidt is the leader of this particular insurgency. “The Anxious Generation: How the Great Rewiring of Childhood Is Causing an Epidemic of Mental Illness,” his book exploring the decline of the “play-based childhood” and the rise of the “phone-based childhood,” has been on the New York Times best-seller list for a year. It feels, to me, like we’re finally figuring out a reasonable approach to smartphones and social media and kids … just in time for that approach to be deranged by the question of A.I. and kids, which no one is really prepared for.So I wanted to have Haidt on the show to talk through both of those topics, and the questions we often ignore beneath them: What is childhood for? What are parents for? What do human beings need in order to flourish? You know, the small stuff.Haidt is a professor at New York University Stern School of Business and the author of “The Righteous Mind” and “The Coddling of the American Mind” (with Greg Lukianoff). His newsletter is called After Babel.This episode contains strong language.Mentioned:“She Fell in Love With ChatGPT. Like, Actual Love. With Sex.” by The DailyThe Age of Addiction by David T. Courtwright“Have Smartphones Destroyed a Generation?” By Jean TwengeStolen Focus by Johann HariBook Recommendations:The Stoic Challenge by William B. IrvineDeep Work by Cal NewportHow to Win Friends and Influence People by Dale CarnegieThoughts? 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 Jack McCordick. Fact-checking by Mary Marge Locker and Kate Sinclair. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our executive editor is Claire Gordon. The show’s production team also includes Michelle Harris, Rollin Hu, Elias Isquith and Kristin Lin. Original music by Pat McCusker. 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.

1 Apr 1h 11min

The Last 2 Months — and Next 2 Years — of U.S. Politics

The Last 2 Months — and Next 2 Years — of U.S. Politics

It’s our first subscriber-only “Ask Me Anything” of the year. The show’s executive producer, Claire Gordon, joins me to discuss your questions about the risk of a constitutional crisis and how Democrats, businesses and universities are responding to President Trump. Thank you to everyone who sent in questions. And if you aren’t a New York Times subscriber but would like to be, just go to https://www.nytimes.com/subscription.This episode contains strong language.Mentioned:“A Democrat Who Is Thinking Differently” by The Ezra Klein Show with Jake Auchincloss“Don't Believe Him” by Ezra KleinThoughts? 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 Kristin Lin. Fact-checking by Michelle Harris. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Rollin Hu, Elias Isquith and Jack McCordick. Original music by Pat McCusker. 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.

28 Mar 37min

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