Notes

Notes to Introduction

1 Thomas M. Shapiro, The Hidden Cost of Being African American: How Wealth Perpetuates Inequality (New York: Oxford University Press, 2004).

2 The National School Lunch Program serves 31 million schoolchildren daily. Children from families with incomes 130 percent below the poverty line qualify for free, nutritious lunches; children from families with incomes between 130 and 185 percent below the poverty line qualify for subsidized lunches. See “National School Lunch Program,” Food and Nutrition Service, http://www.fns.usda.gov/sites/default/files/NSLPFactSheet.pdf.

3 They intend to rent them for extended periods before selling them for a capital gain. That strategy is cutting local families and realtors out of the market. In any case, families cannot compete with all-cash offers by investors. See “Public Safety Center Dedicated; Now Ready to Serve,” San Bernardino County, May 10, 2013, http://www.sbcounty.gov/rutherford/report/issues/2013_june/images/rr_pr.pdf.

4 See “New Homes in Riverside/San Bernardino, CA,” KB Home, http://www.kbhome.com/new-homes-riverside-san-bernardino-county.

5 “Justice Department Reaches $335 Million Settlement to Resolve Allegations of Lending Discrimination by Countrywide Financial Corporation,” US Department of Justice, updated June 22, 2015, http://www.justice.gov/usao/cac/countrywide.html.

6 “Settlement Agreement,” HUD, https://portal.hud.gov/hudportal/documents/huddoc?id=DOC_19719.pdf; “HUD Announces $3.2 Million Settlement Against KB Home,” HUD Archives, July 6, 2005, http://archives.hud.gov/news/2005/pr05-093.cfm; Gretchen Morgensen, “Countrywide Mortgage Devastation Lingers as Ex-Chief Moves On,” New York Times, June 24, 2016, Sunday Business, 1.

7 Many years later, courts finally settled lawsuits. Stringfellow potentially affects the Chino III groundwater basin, which is used for industrial and agricultural purposes and supplies drinking water for approximately 40,000 residents. Southern California manufacturers, including McDonnell Douglas, Montrose Chemical Corp., General Electric, Northrop, and Rockwell International, had dumped waste into the original quarry. Ken Broder, “State’s $60 Million Stringfellow Acid Pits Win in High Court Could Cost Insurers Billions,” AllGov California, August 13, 2012, http://www.allgov.com/usa/ca/news/where-is-the-money-going/states_60_million_stringfellow_acid_pits_win_in_high_court_could_cost_insurers_billions?news=762402.

8 Office of the Press Secretary, “Remarks by the President on Economic Mobility,” White House, https://www.whitehouse.gov/the-press-office/2013/12/04/remarks-president-economic-mobility.

9 Kathrin Brandmeir et al., Allianz Global Wealth Report 2015, Allianz.com, September 2015, https://www.allianz.com/v_1443702256000/media/economic_research/publications/specials/en/AGWR2015_ENG.pdf.

10 Emmanuel Saez and Gabriel Zucman, “Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data,” National Bureau of Economic Research, Working Paper No. 20625, 2014, http://www.nber.org/papers/w20625.pdf.

11 Ibid.; Neal Gabler, “The Secret Shame of Middle-Class Americans,” Atlantic Monthly, May 2016, http://www.theatlantic.com/magazine/archive/2016/05/my-secret-shame/476415.

12 Even those theorists and pundits who agree that inequality is everywhere argue over how much of it is natural, inevitable, man-made, or even productive. Meanwhile, disagreement regarding the extent and impact of inequality still abounds—particularly among those who consider income the primary measure.

13 Some of the best work on understanding the new inequality includes Robert Reich’s Saving Capitalism (New York: Knopf, 2015) and Joseph Stiglitz’s The Price of Inequality (New York: W. W. Norton, 2012). Nonetheless, these works largely exclude the race and wealth connection.

14 Susan Jones, “Fed Chair Unsure If Capitalism or Oligarchy Describes the U.S.,” CBS, May 8, 2014, http://cbsnews.com/news/article/susan-jones/fed-chair-unsure-if-capitalism-or-oligarchy-describes-us.

15 Thomas Piketty, Capital in the Twentieth Century (Cambridge, MA: Harvard University Press, 2014).

16 David Shern, A. Blanch, and S. Steverman, “Impact of Toxic Stress on Individuals and Communities: A Review of the Literature,” Mental Health America, September 2014, http://www.mentalhealthamerica.net/sites/default/files/Impact%20of%20Toxic%20Stress%20on%20Individuals%20and%20Communities-A%20Review%20of%20the%20Literature.pdf.

17 Hannah Thomas et al., “The Web of Wealth: Resiliency and Opportunity or Driver of Inequality?,” Institute on Assets and Social Policy, July 2014, https://iasp.brandeis.edu/pdfs/2014/Web.pdf; Janet Boguslaw et al, “Hard Choices: Navigating the Economic Shock of Unemployment,” Pew Charitable Trusts, 2013, http://www.pewtrusts.org/~/media/legacy/uploadedfiles/pcs_assets/2013/empreporthardchoicesnavigatingtheeconomicshockofunemploymentpdf.pdf.

Notes to Chapter One

1 John Hills et al., Wealth in the UK (Oxford: Oxford University Press, 2013).

2 Dalton Conley and R. Glauber, “Wealth Mobility and Volatility in Black and White,” Center for American Progress, July 2008, https://www.americanprogress.org/issues/economy/report/2008/07/29/4662/wealth-mobility-and-volatility-in-black-and-white.

3 Eleni Karagiannaki, “The Effect of Parental Wealth on Children’s Outcomes in Early Adulthood,” CASE Papers, Centre for Analysis of Social Exclusion, LSE Research Online, 2012, http://eprints.lse.ac.uk/51292; “Indicators of Educational Equity in the United States,” Pell Institute, 2015, http://www.pellinstitute.org/publications-Indicators_of_Higher_Education_Equity_in_the_United_States_45_Year_Report.shtml.

4 James Nazroo, Paola Zaninotto, and Edira Gjonca, “Mortality and Healthy Life Expectancy,” Institute for Fiscal Studies, 2008, http://www.ifs.org.uk/elsa/report08/ch8.pdf.

5 Board of Governors of the Federal Reserve System, “Report on the Economic Well-Being of U.S. Households in 2013,” US Federal Reserve, 2014, https://www.federalreserve.gov/econresdata/2013-report-economic-well-being-us-households-201407.pdf.

6 Ibid.

7 Thomas M. Shapiro et al., “The Asset Security and Opportunity Index,” Institute on Assets and Social Policy (IASP), 2009, https://iasp.brandeis.edu/pdfs/2009/Asset_Security.pdf.

8 Signe-Mary McKernan and Caroline Ratcliffe, “Asset Building for Today’s Stability and Tomorrow’s Security,” Urban Institute, 2009, http://www.urban.org/sites/default/files/alfresco/publication-pdfs/1001374-Asset-Building-for-Today-s-Stability-and-Tomorrow-s-Security.PDF.

9 Shapiro et al., “The Asset Security and Opportunity Index.” Costs associated with each of these three different types of mobility investments amount to about $14,000.

10 Emmanuel Saez and Gabriel Zucman, “Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data,” National Bureau of Economic Research, Working Paper No. 20625, 2014, http://www.nber.org/papers/w20625.pdf.

11 Ibid.

12 IASP analysis of “2013 Survey of Consumer Finances,” Board of Governors of the Federal Reserve System, http://www.federalreserve.gov/econresdata/scf/scfindex.htm.

13 Thomas M. Shapiro et al., “The Roots of the Widening Racial Wealth Gap: Explaining the Black-White Economic Divide,” Institute on Assets and Social Policy (IASP), 2013, http://iasp.brandeis.edu/pdfs/Author/shapiro-thomas-m/racialwealthgapbrief.pdf; Signe-Mary McKernan et al., “Less Than Equal: Racial Disparities in Wealth Accumulation,” Urban Institute, 2013, http://www.urban.org/research/publication/less-equal-racial-disparities-wealth-accumulation/view/full_report; Paul Taylor et al., “Wealth Gaps Rise to Record Highs Between Whites, Blacks and Hispanics,” Pew Research Center, 2011, http://www.pewsocialtrends.org/2011/07/26/wealth-gaps-rise-to-record-highs-between-whites-blacks-hispanics; Dalton Conley, Being Black, Living in the Red: Race, Wealth, and Social Policy in America (Berkeley: University of California Press, 1999).

14 Building Strong Families Project, “The Long-Term Effects of Building Strong Families: A Relationship Skills Education Program for Unmarried Parents,” MDRC, November 2012, http://www.mdrc.org/sites/default/files/bsf_36_mo_impact_exec_summ_0.pdf.

15 Marco Rubio, “Reclaiming the Land of Opportunity: Conservative Reforms for Combatting Poverty,” Marco Rubio US Senator for Florida, http://www.rubio.senate.gov/public/index.cfm/press-releases?ID=958d06fe-16a3-4e8e-b178-664fc10745bf.

16 Elise Gould, Alyssa Davis, and Will Kimball, “Broad Based Wage Growth Is a Key Tool in the Fight Against Poverty,” Economic Policy Institute, 2015, http://www.epi.org/publication/broad-based-wage-growth-is-a-key-tool-in-the-fight-against-poverty.

17 Rakesh Kocchar and Richard Fry, “Wealth Inequality Has Widened Along Racial, Ethnic Lines Since End of Great Recession,” Pew Research Center, 2014, http://www.pewresearch.org/fact-tank/2014/12/12/racial-wealth-gaps-great-recession.

18 Tatjana Meschede et al., “Wealth Mobility of Families Raising Children in the 21st Century,” Federal Reserve Bank of St. Louis, 2015, https://www.stlouisfed.org/~/media/Files/PDFs/Community%20Development/Econ%20Mobility/Sessions/MeschedeThomasPaper508.pdf.

19 Lisa A. Keister, “Upward Wealth Mobility: Exploring the Roman Catholic Advantage,” Social Forces 85 (2007), https://wealthinequality.org/content/uploads/2015/10/Keister-Upward-Wealth-mobility-FINAL2.pdf.

20 Rakesh Kochhar, Richard Fry, and Paul Taylor, “Wealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics,” Pew Research Center, July 26, 2011, http://www.pewsocialtrends.org/2011/07/26/wealth-gaps-rise-to-record-highs-between-whites-blacks-hispanics.

21 Susan K. Uhran et al., “Pursuing the American Dream: Economic Mobility Across Generations,” Pew Charitable Trusts, 2012, http://www.pewtrusts.org/~/media/legacy/uploadedfiles/pcs_assets/2012/PursuingAmericanDreampdf.pdf; Susan K. Uhran, “Moving On Up: Why Do Some Americans Leave the Bottom of the Economic Ladder, but Not Others?,” Pew Charitable Trusts, 2013, http://www.pewtrusts.org/~/media/Assets/2013/11/01/MovingOnUppdf.pdf.

22 Urahn et al., “Pursuing the American Dream.”

23 Ibid.

24 Dalton Conley and Rebecca Glauber, “Family Background, Race and Labor Market Inequality,” ANNALS of the AAPSS 605, no. 1 (May 2006).

25 Lisa A. Keister and Stephanie Moller, “Wealth Inequality in the United States,” Annual Review of Sociology 26 (2000): 63–81.

26 Samuel Bowles and Herbert Gintis, “The Inheritance of Inequality,” University of Massachusetts Amherst, July 14, 2002, http://www.umass.edu/preferen/gintis/intergen.pdf; Thomas M. Shapiro, The Hidden Cost of Being African American: How Wealth Perpetuates Inequality (New York: Oxford University Press, 2004).

27 Uhran et al., “Pursuing the America Dream.”

28 Ibid.

29 Uhran, “Moving On Up.”

30 Tatjana Meschede et al., “Family Achievements? How Wealth Trumps Education Among White and Black College Graduates,” Federal Reserve Bank of St. Louis, June 2016, https://www.stlouisfed.org/~/media/Files/PDFs/HFS/20160525/slides/Meschede-Shapiro.pdf; Shapiro, “Roots of the Widening Racial Wealth Gap.”

31 Signe-Mary McKernan et al., “Impact of the Great Recession and Beyond: Disparities in Wealth Building by Generation and Race,” Urban Institute, 2013, http://www.urban.org/research/publication/impact-great-recession-and-beyond.

32 Patrick Sharkey, Stuck in Place: Urban Neighborhoods and the End of Progress Towards Racial Equality (Chicago: University of Chicago Press, 2013).

33 Hannah Thomas et al., “The Web of Wealth: Resiliency and Opportunity or Driver of Inequality?,” Institute on Assets and Social Policy, July 2014, https://iasp.brandeis.edu/pdfs/2014/Web.pdf.

34 McKernan et al., “Impact of the Great Recession”; Darrick Hamilton, Austin Algernon, and William Darity Jr., “Whiter Jobs, Higher Wages: Occupational Segregation and the Lower Wages of Black Men,” Economic Policy Institute, 2011, http://www.epi.org/publication/whiter_jobs_higher_wages; Hannah Thomas et al., “Employment Capital: How Work Builds and Protects Family Wealth and Security,” IASP, December 2013, https://iasp.brandeis.edu/pdfs/2013/Employment.pdf; Thomas M. Shapiro, Tatjana Meschede, and Sam Osoro, “The Widening Racial Wealth Gap: Why Wealth Is Not Color Blind,” in The Assets Perspective: The Rise of Asset Building and Its Impact on Social Policy, ed. Reid Cramer and Trina R. Williams Shanks (New York: Palgrave Macmillan, 2014); J. C. Henretta, “Parental Status and Child’s Homeownership,” American Sociological Review 49 (1984): 131–140.

35 Barbara A. Butrica and Richard W. Johnson, “Racial, Ethnic, and Gender Differentials in Employer-Sponsored Pensions,” Urban Institute, 2010, http://www.urban.org/sites/default/files/alfresco/publication-pdfs/901357-Racial-Ethnic-and-Gender-Differentials-in-Employer-Sponsored-Pensions.PDF.

36 Thomas et al., “The Web of Wealth.”

37 G. L. Wallace et al., “Trigger Events and the Financial Outcomes Among Older Households,” Center for Financial Security, Working Paper 10-2, 2010, http://www.cfs.wisc.edu/papers/WallaceHavemanHoldenWolfe2010_TriggerPaper.pdf.

38 Christian E. Weller and Jaryn Fields, “The Black and White Labor Gap in America,” Center for American Progress, 2011, https://www.americanprogress.org/issues/labor/report/2011/07/25/9992/the-black-and-white-labor-gap-in-america; H. Kim and J. Lee, “Unequal Effects of Elders’ Health Problems on Wealth Depletion Across Race and Ethnicity,” Journal of Consumer Affairs 39 (2015): 148–172.

39 McKernan and Ratcliffe, “Asset Building for Today’s Stability and Tomorrow’s Security.”

40 Durrie Bouscaren, “Cuts in Store for Many of Missouri’s Public Assistance Programs,” St. Louis Public Radio, June 23, 2015.

41 “Chart Book: SNAP Helps Struggling Families Put Food on the Table,” Center on Budget and Policy Priorities, last updated March 24, 2016, http://www.cbpp.org/research/food-assistance/chart-book-snap-helps-struggling-families-put-food-on-the-table.

42 Arloc Sherman and Danilo Trisi, “Deep Poverty Among Children Worsened in the Welfare Law’s First Decade,” Center on Budget and Policy Priorities, July 23, 2014, http://www.cbpp.org/research/deep-poverty-among-children-worsened-in-welfare-laws-first-decade.

Notes to Chapter Two

1 “2014 Profile of Home Buyers and Sellers,” National Association of Realtors, 2014, http://www.realtor.org/sites/default/files/reports/2014/2014-profile-of-home-buyers-and-sellers-highlights.pdf.

2 Heather Taylor and Jing Fu, “Characteristics of Home Buyers,” Housing Economics Special Studies, National Association of Home Builders, July 1, 2015, updated November 3, 2015, https://www.nahbclassic.org/generic.aspx?sectionID=734&genericContentID=246591&channelID=311; “Fewer Home Buyers Turn to the Bank of Mom and Dad,” MarketWatch, October 28, 2015, http://www.marketwatch.com/story/fewer-homebuyers-are-tapping-their-parents-for-money-2015-10-28; Hispanic home owners receive the largest percentage.

3 Wealth also is required for apartment rentals—typically at least a full first and last month’s rent, plus security and pet deposits, as well as move-in, cleaning, and other fees. Although great variability by state and neighborhood exists, the typical monthly rent in 2016 was about $1,300 for a two-bedroom apartment. For example, in St. Louis the median rent for a two-bedroom apartment was a little over $1,000, while in Los Angeles the same-size apartment went for $2,700.

4 Patrick Sharkey, Stuck in Place: Urban Neighborhoods and the End of Progress Towards Racial Equality (Chicago: University of Chicago Press, 2013).

5 Hannah Thomas et al., “Location, Location, Location: The Role Neighborhoods Play in Family Wealth and Well-Being,” IASP, 2014, https://iasp.brandeis.edu/pdfs/2014/Location.pdf; Margery Austin Turner, Austin Nichols, and Jennifer Comey, “Benefits of Living in High Opportunity Neighborhoods,” Urban Institute, September 7, 2012, http://www.urban.org/research/publication/benefits-living-high-opportunity-neighborhoods.

6 Robert J. Sampson, “Neighborhood Effects, Causal Mechanisms, and the Social Structure of the City,” in Analytical Sociology and Social Mechanisms, ed. Pierre Demeulenaere (Cambridge: Cambridge University Press, 2011), 227–250.

7 Achmat Dangor, Kafka’s Curse (New York: Vintage, 2000).

8 Jason Purnell, Gabriela Camberos, and Robert Fields, “For the Sake of All,” Institute for Public Health, September 20, 2013, https://publichealth.wustl.edu/projects/sake.

9 Walker Moskop, “Searchable Database: 2014 Missouri MAP Scores,” St. Louis Today, August 29, 2014, http://www.stltoday.com/news/local/stl-info/searchable-database-missouri-map-scores/html_540b5bbf-4cc9-5f74-9087-0cf419966421.html?appSession=215136101601477; “Metro Academic and Classical High School,” U.S. News, last updated 2014, http://www.usnews.com/education/best-high-schools/missouri/districts/st-louis-public-schools/metro-academic-and-classical-high-school-11941.

10 Elisa Crouch, “Three St. Louis Schools, 134 Jobs Face Budget Ax,” St. Louis Post-Dispatch, February 28, 2013, http://www.stltoday.com/news/local/education/three-st-louis-schools-jobs-face-budget-ax/article_2203e756-a63a-5178-ac3c-4d53d615463c.html.

11 Thomas et al., “Location, Location, Location.”

12 Paul Kiel and Annie Waldman, “The Color of Debt: How Collection Suits Squeeze Black Neighborhoods,” ProPublica, October 8, 2015, https://www.propublica.org/article/debt-collection-lawsuits-squeeze-black-neighborhoods.

13 Thomas et al., “Location, Location, Location.”

14 Elizabeth Kneebone, “The Growth and Spread of Concentrated Poverty, 2000 to 2008–2012,” Brookings Institute, July 31, 2014, http://www.brookings.edu/research/interactives/2014/concentrated-poverty#/M10420.

15 Joe Cortright and Dillon Mahmoudi, “Lost in Place,” City Observatory, 2014, http://cityobservatory.org/lost-in-place.

16 Ibid.

17 Patrick Sharkey and Bryan Graham, “Mobility and the Metropolis,” Pew Charitable Trusts, 2013, http://www.pewtrusts.org/~/media/legacy/uploadedfiles/pcs_assets/2013/mobilityandthemetropolispdf.pdf.

18 One measure of high-opportunity neighborhoods would include those in the top third of the median family-income distribution among all US census tracts in 2010. Thomas et al., “Location, Location, Location.”

19 Mary Pattillo-McCoy, Black Picket Fences: Privilege and Peril Among the Black Middle Class (Chicago: University of Chicago Press, 2000).

20 Thomas et al., “Location, Location, Location.”

21 Cortright and Mahmoudi, “Lost in Place.”

22 Heather Perlberg and John Gittelsohn, “Big Bulk Purchase of U.S. Homes Said to Include St. Louis Properties,” St. Louis Today, June 10, 2015, http://www.stltoday.com/business/local/big-bulk-purchase-of-u-s-homes-said-to-include/article_a9343d91-048c-58e3-b83a-5e4bda68e4bc.html.

23 Tim Logan and Kevin Crowe, “Foreclosures Start Vicious Sales Circle[;] Buyers Get in and Out Quickly as Homes Crumble,” St. Louis Today, April 19, 2009, http://www.stltoday.com/news/foreclosures-start-vicious-sales-circle-buyers-get-in-and-out/article_a1e210c8-01e7-5196-8022-4999ad74246a.html.

24 John Gittelsohn and Heather Perlberg, “Blackstone’s Home Buying Binge Ends as Prices Surge: Mortgages,” Bloomberg, March 14, 2014, http://www.bloomberg.com/news/articles/2014-03-14/blackstone-s-home-buying-binge-ends-as-prices-surge-mortgages.

25 Sharkey and Graham, “Mobility.”

26 Ibid.

27 Matthias Gafni, “Orinda: District Hires Private Investigator, Kicks Live-In Nanny’s Daughter Out of School,” Eastbay Times, November 26, 2014, http://www.contracostatimes.com/breaking-news/ci_27024372/orinda-district-hires-private-investigator-kicks-live-nannys.

28 “Orinda Home Values and Prices,” Zillow, accessed December 2014, http://www.zillow.com/orinda-ca/home-values.

29 Tricia Rose, “Public Tales Wag the Dog: Telling Stories About Structural Racism in the Post–Civil Rights Era,” Du Bois Review: Social Science Research on Race 10, no. 2 (2013): 447–469.

30 Caaminee Pandit and Philip Tegeler, “Residential Preferences and Residential Segregation: A Research Overview,” Poverty and Race Research Action Council, August 2010, http://www.prrac.org/pdf/PRRAC_Residential_Preferences.pdf.

31 See the Ferguson Commission’s report, “Forward Through Ferguson: A Path Toward Racial Equity,” at http://forwardthroughferguson.org/report/executive-summary; “Justice Department Announces Findings of Two Civil Rights Investigations in Ferguson, Missouri,” Department of Justice, March 4, 2015, https://www.justice.gov/opa/pr/justice-department-announces-findings-two-civil-rights-investigations-ferguson-missouri.

32 James H. Carr and Archana Pradham, “Analyzing Foreclosures Among High-Income Black/African American and Hispanic/Latino Borrowers in Prince George’s County, Maryland,” Housing and Society 39, no. 1 (2012): 1–28.

33 Debbie G. Bocian, Wei Li, and Keith S. Ernst, “Foreclosures by Race and Ethnicity: The Demographics of a Crisis,” Center for Responsible Lending, June 18, 2010, http://www.responsiblelending.org/mortgage-lending/research-analysis/foreclosures-by-race-and-ethnicity.pdf.

34 “Annual Operating Budget: Fiscal Year 2013–2014,” City of Ferguson, 2013, http://www.fergusoncity.com/DocumentCenter/View/1609.

Notes to Chapter Three

1 Thomas E. Perez and Erica L. Groshen, “National Compensation Survey: Employee Benefits in the United States, March 2014,” US Bureau of Labor Statistics, 2014, http://www.bls.gov/ncs/ebs/benefits/2014/ebbl0055.pdf; Elise Gould, “Rich People Have Paid Sick Days. Poor People Do Not,” Economic Policy Institute, January 21, 2015, http://www.epi.org/publication/rich-people-have-paid-sick-days-poor-people-do-not; Hannah Thomas et al., “Employment Capital: How Work Builds and Protects Family Wealth and Security,” IASP, December 2013, https://iasp.brandeis.edu/pdfs/2013/Employment.pdf.

2 “The Lost Decade of the Middle Class: Fewer, Poorer, Gloomier,” Pew Research Center, August 22, 2012, http://www.pewsocialtrends.org/2012/08/22/the-lost-decade-of-the-middle-class.

3 “The Lost Decade of the Middle Class”; Rakesh Kochhar and Richard Fry, “The American Middle Class Is Losing Ground,” Pew Research Center, December 9, 2015, http://www.pewsocialtrends.org/files/2015/12/2015-12-09_middle-class_FINAL-report.pdf.

4 Tamara Draut, Jennifer Wheary, and Thomas M. Shapiro, “By a Thread: The New Experience of America’s Middle Class,” Dēmos, November 28, 2007, http://www.demos.org/publication/thread-new-experience-americas-middle-class.

5 W. Elliot, “Small-Dollar Children’s Savings Accounts and Children’s College Outcomes,” Children and Youth Services Review 35, no. 3 (2013): 572–585.

6 Clare O’Connor, “Report: Walmart Workers Cost Taxpayers $6.2 Billion in Public Assistance,” Forbes, April 15, 2014, http://www.forbes.com/sites/clareoconnor/2014/04/15/report-walmart-workers-cost-taxpayers-6-2-billion-in-public-assistance.

7 Anne Wren, The Political Economy of the Service Transition (Oxford: Oxford University Press, 2013).

8 Ibid. See, for example, Lawrence F. Katz and Claudia Goldin, The Race Between Education and Technology (Cambridge, MA: Belknap Press, 2010); Lawrence Mishel et al., The State of Working America (Ithaca, NY: ILR Press, 2012); Bennett Harrison and Barry Bluestone, The Great U-turn: Corporate Restructuring and the Polarizing of America (New York: Perseus Books Group, 1990); Bennett Harrison and Barry Bluestone, The Deindustrialization of America (New York: Perseus Books Group, 1982).

9 Carmen DeNavas-Walt and Bernadette D. Proctor, “Income and Poverty in the United States: 2013,” US Census Bureau, 2014, http://www.census.gov/content/dam/Census/library/publications/2014/demo/p60-249.pdf.

10 “The Low-Wage Recovery and Growing Inequality,” National Employment Law Project, 2012, http://nelp.org/content/uploads/2015/03/LowWageRecovery2012.pdf.

11 “The Distribution of Household Income and Federal Taxes, 2011,” Congressional Budget Office, last modified November 2014, https://www.cbo.gov/sites/default/files/113th-congress-2013-2014/reports/49440-Distribution-of-Income-and-Taxes.pdf; Chad Stone, “A Guide to Statistics on Historical Trends in Income Inequality,” Center on Budget and Policy Priorities, October 26, 2015, http://www.cbpp.org/research/poverty-and-inequality/a-guide-to-statistics-on-historical-trends-in-income-inequality; Elise Gould, “Why America’s Workers Need Faster Wage Growth—and What We Can Do About It,” Economic Policy Institute, August 27, 2014, http://www.epi.org/publication/why-americas-workers-need-faster-wage-growth.

12 Ellen R. McGrattan and Richard Rogerson, “Changes in the Distribution of Family Hours Worked Since 1950,” Federal Reserve Bank of Minneapolis, Research Department Staff Report 397, April 2008, https://www.minneapolisfed.org/research/SR/SR397bw.pdf.

13 “Labor Force Characteristics by Race and Ethnicity, 2013,” US Bureau of Labor Statistics, August 2014, http://www.bls.gov/opub/reports/race-and-ethnicity/archive/race_ethnicity_2013.pdf.

14 Laura Sullivan et al., “The Racial Wealth Gap: Why Policy Matters,” Dēmos, 2015, http://www.demos.org/sites/default/files/publications/RacialWealthGap_1.pdf.

15 Anthony P. Carnevale, Stephen J. Rose, and Ban Cheah, “The College Payoff,” Georgetown University Center on Education and the Workforce, 2011, https://cew.georgetown.edu/wp-content/uploads/2014/11/collegepayoff-summary.pdf.

16 Thomas M. Shapiro et al., “The Roots of the Widening Racial Wealth Gap: Explaining the Black-White Economic Divide,” Institute on Assets and Social Policy (IASP), 2013, http://iasp.brandeis.edu/pdfs/Author/shapiro-thomas-m/racialwealthgapbrief.pdf.

17 “The Employment Situation—October 2014,” US Bureau of Labor Statistics, November 7, 2014, http://www.bls.gov/news.release/archives/empsit_11072014.pdf; Hannah Thomas et al., “Keeping Dreams Alive: The Lane-Changer Costs of Financial Disruptions,” IASP, 2014, https://iasp.brandeis.edu/pdfs/2014/Lane-Changer.pdf.

18 “Labor Force Characteristics by Race and Ethnicity, 2013.”

19 Thomas et al., “Keeping Dreams Alive.”

20 Kenneth A. Couch and Robert Fairlie, “Last Hired, First Fired? Black-White Unemployment and the Business Cycle,” Demography 47, no. 1 (2010): 227–247.

21 Algernon Austin, “Whiter Jobs, Higher Wages: Occupational Segregation and the Lower Wages of Black Men,” Economic Policy Institute, February 25, 2011, http://www.epi.org/publication/whiter_jobs_higher_wages.

22 William Sites and Virginia Parks, “What Do We Really Know About Racial Inequality? Labor Markets, Politics, and the Historical Basis of Black Economic Fortunes,” Politics and Society 39, no. 1 (2011): 40–73.

23 Marianne Bertrand and Sendhil Mullainathan, “Are Emily and Greg More Employable Than Lakisha and Jamal? A Field Experiment on Labor Market Discrimination,” American Economic Review 94 (2004): 991–1013. The research evidence regarding contemporary employment discrimination is robust and compelling. The Bertrand and Mullainathan piece is one of many studies.

24 Devah Pager, B. Western, and N. Sugie, “Sequencing Disadvantage: Barriers to Employment Facing Young Black and White Men with Criminal Records,” Annals of American Political Science 623, no. 1 (2009): 195–213.

25 This is consistent with Michelle Alexander’s pathbreaking book The New Jim Crow (New York: New Press, 2012).

26 Nancy DiTomaso, The American Non-dilemma: Racial Inequality Without Racism (New York: Russell Sage Foundation, 2013).

27 “Income of the Aged Chartbook, 2012,” Social Security Administration, No. 13-11727, 2014, https://www.ssa.gov/policy/docs/chartbooks/income_aged/2012/iac12.pdf; “Income of the Population 55 or Older, 2012,” Social Security Administration, No. 13-11871, 2014, https://www.ssa.gov/policy/docs/statcomps/income_pop55/2012/incpop12.pdf, 234, 239.

28 Larry DeWitt, “Research Note #1: Origins of the Three-Legged Stool Metaphor for Social Security,” SSA Historian’s Office, May 1996, https://www.ssa.gov/history/stool.html; Nari Rhee, “Race and Retirement Insecurity in the United States,” National Institute on Retirement Security, December 2013, http://www.giaging.org/documents/NIRS_Report_12-10-13.pdf.

29 Alicia H. Munnell, “401(K)/IRA Holdings in 2013: An Update from the SCF,” Center for Retirement Research at Boston College, Issue in Brief no. 14-15 (2014), http://crr.bc.edu/wp-content/uploads/2014/09/IB_14-15.pdf.

30 Ibid.

31 “Nine Charts About Wealth Inequality in America,” Urban Institute, March 2015, http://apps.urban.org/features/wealth-inequality-charts.

32 Moshe Semyonov, Noah Lewin-Epstein, and William P. Bridges, “Explaining Racial Disparities in Access to Employment Benefits,” Racial and Ethnic Studies 34, no. 12 (2011): 2069–2095.

33 “401(k) Plans in Living Color: A Study of 401(k) Savings Disparities Across Racial and Ethnic Groups,” Ariel Investments, 2012, https://www.arielinvestments.com/images/stories/PDF/arielhewittstudy_finalweb_7.3.pdf.

34 Ibid.

35 Tatjana Meschede et al., “Family Achievements? How Wealth Trumps Education Among White and Black College Graduates,” Federal Reserve Bank of St. Louis, June 2016, https://www.stlouisfed.org/~/media/Files/PDFs/HFS/20160525/slides/Meschede-Shapiro.pdf.

36 David Brooks, “The Cost of Relativism,” New York Times, March 10, 2015, http://www.nytimes.com/2015/03/10/opinion/david-brooks-the-cost-of-relativism.html.

Notes to Chapter Four

1 Daren Blomquist, “Average Down Payment Drops to Three-Year Low of 14.8 Percent for U.S. Home Purchased in the First Quarter,” RealtyTrac, June 3, 2015, http://www.realtytrac.com/news/home-prices-and-sales/q1-2015-u-s-home-purchase-down-payment-report.

2 Colin Gordon, Mapping Decline: St. Louis and the Fate of the American City (Philadelphia: University of Pennsylvania Press, 2008).

3 In adjusted 2015 dollars.

4 Ngina Chiteji and Frank Stafford, “Portfolio Choices of Parents and Their Children as Young Adults: Asset Accumulation by African American Families,” American Economic Review 89, no. 2 (1999): 377–380; William G. Gale and John Karl Scholz, “Intergenerational Transfers and the Accumulation of Wealth,” Journal of Economic Perspectives 8, no. 4 (1994): 145–160; Mark Wilhelm, “The Role of Intergenerational Transfers in Spreading Asset Ownership,” in Assets for the Poor: The Benefits of Spreading Asset Ownership, ed. Thomas M. Shapiro and Edward N. Wolff (New York: Russell Sage Foundation, 2001), 132–161.

5 Hannah Thomas et al., “The Web of Wealth: Resiliency and Opportunity or Driver of Inequality?,” Institute on Assets and Social Policy, July 2014, https://iasp.brandeis.edu/pdfs/2014/Web.pdf.

6 Ibid.; Signe-Mary McKernan et al., “Private Transfers, Race, and Wealth,” Urban Institute, 2011, http://www.urban.org/sites/default/files/alfresco/publication-pdfs/412371-Private-Transfers-Race-and-Wealth.PDF; Wilhelm, “Role of Intergenerational Transfers.”

7 Thomas et al., “Web of Wealth”; in 2011 dollars, median only of those receiving inheritance.

8 Author’s calculations from Jeffrey P. Thompson and Gustavo A. Suarez, “Exploring the Racial Wealth Gap Using the Survey of Consumer Finances” (paper presented at the Finance and Economics Discussion Series 2015-076, Federal Reserve Board of Governors, Washington, DC, 2015).

9 Thomas et al., “Web of Wealth.”

10 McKernan et al., “Private Transfers.”

11 Ibid.

12 William R. Emmons and Bryan J. Noeth, “Why Didn’t Higher Education Protect Hispanics and Black Wealth?,” In the Balance 12 (2015), https://www.stlouisfed.org/publications/in-the-balance/issue12-2015/why-didnt-higher-education-protect-hispanic-and-black-wealth. This analysis uses the Survey of Consumer Finances.

13 Tatjana Meschede et al., “Family Achievements? How Wealth Trumps Education Among White and Black College Graduates,” Federal Reserve Bank of St. Louis, June 2016, https://www.stlouisfed.org/~/media/Files/PDFs/HFS/20160525/slides/Meschede-Shapiro.pdf.

14 K. Jack Bauer, The Mexican War, 1846–1848 (New York: Macmillan, 1974).

15 Tuition information pulled from “Systemwide Information: The CSU’s Value to Students,” California State University, last updated May 3, 2016, http://www.calstate.edu/value/systemwide.

16 Zillow estimate, Zillow.com, retrieved July 29, 2015.

17 Margaret Cahalan and Laura Perna, “Indicators of Higher Education Equity in the United States,” Pell Institute, 2015, http://www.pellinstitute.org/downloads/publications-Indicators_of_Higher_Education_Equity_in_the_US_45_Year_Trend_Report.pdf.

Notes to Chapter Five

1 See Robert Reich, Saving Capitalism (New York: Knopf, 2015); Joseph Stiglitz, The Price of Inequality (New York: W. W. Norton, 2012); Joseph Stiglitz, Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity (New York: W. W. Norton, 2015); David Cay Johnston, Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You with the Bill) (New York: Portfolio Publishing, 2012).

2 With homage to Richard Titmuss and his notion of the “iceberg phenomena of social welfare.” See Richard Titmuss, “The Role of Redistribution in Social Policy,” in Commitment to Welfare (New York: Pantheon Books, 1968), 192; Susan Suzanne Mettler, The Submerged State (Chicago: University of Chicago Press, 2011); Christopher Howard, The Hidden Welfare State (Princeton, NJ: Princeton University Press, 1999).

3 Marc-Andre Gagnon and Sidney Wolfe, “Mirror, Mirror on the Wall: Medicare Part D Pays Needlessly High Brand-Name Drug Prices Compared with Other OECD Countries and with U.S. Government Programs,” Carlton University School of Public Policy and Administration, Policy Brief, July 23, 2015, http://carleton.ca/sppa/wp-content/uploads/Mirror-Mirror-Medicare-Part-D-Released.pdf.

4 Johnston, Free Lunch.

5 Daniel R. Levinson, “Concerns with Rebates in the Medicare Part D Program,” Department of Health and Human Services, March 2011, http://oig.hhs.gov/oei/reports/oei-02-08-00050.pdf; Gagnon and Wolfe, “Mirror, Mirror.”

6 Olga Pierce, “Medicare Drug Planners Now Lobbyists, with Billions at Stake,” ProPublica, October 20, 2009, https://www.propublica.org/article/medicare-drug-planners-now-lobbyists-with-billions-at-stake-1020; Bruce Bartlett, “Republican Deficit Hypocrisy,” Forbes, November 20, 2009, http://www.forbes.com/2009/11/19/republican-budget-hypocrisy-health-care-opinions-columnists-bruce-bartlett.html.

7 Philip Mattera and Kasia Tarczynska, “Uncle Sam’s Favorite Corporations,” Good Jobs First, March 2015, http://www.goodjobsfirst.org/sites/default/files/docs/pdf/UncleSamsFavoriteCorporations.pdf; Staff of the Joint Committee on Taxation, “Estimates of Federal Tax Expenditures for Fiscal Years 2014–2018,” House Committee on Ways and Means and the Senate Committee on Finance, August 5, 2014, https://www.heartland.org/sites/default/files/x-97-14.pdf; David Cay Johnston, The Fine Print: How Big Companies Use Plain English to Rob You Blind (New York: Portfolio Publishing, 2012).

8 Trina Shanks, “The Homestead Act: A Major Asset-Building Policy in American History,” in Inclusion in the American Dream, ed. Michael Sherraden (Oxford: Oxford University Press, 2005).

9 “Historical Census of Housing Tables,” US Census Bureau, last modified October 31, 2011, https://www.census.gov/hhes/www/housing/census/historic/owner.html.

10 Edward N. Wolff, “Household Wealth Trends in the United States, 1962–2013: What Happened over the Great Recession?,” National Bureau of Economic Research, Working Paper 20733, December 2014, http://www.nber.org/papers/w20733; Thomas M. Shapiro et al., “The Roots of the Widening Racial Wealth Gap: Explaining the Black-White Economic Divide,” Institute on Assets and Social Policy (IASP), 2013, http://iasp.brandeis.edu/pdfs/Author/shapiro-thomas-m/racialwealthgapbrief.pdf.

11 “Flow Funds, Balance Sheets, and Integrated Macroeconomic Accounts,” Table B.1 in Board of Governors of the Federal Reserve System, September 18, 2015, http://www.federalreserve.gov/releases/z1/20150918/z1.pdf, 101.

12 “Freddie Mac Update,” Freddie Mac, November 2015, http://www.freddiemac.com/investors/pdffiles/investor-presentation.pdf.

13 Gretchen Morgenson, “A Revolving Door Helps Big Banks’ Quiet Campaign to Muscle Out Fannie and Freddie,” New York Times, December 7, 2015, http://www.nytimes.com/2015/12/07/business/a-revolving-door-helps-big-banks-quiet-campaign-to-muscle-out-fannie-and-freddie.html.

14 Robert Dietz and Donald Haurin, “The Social and Private Micro-Level Consequences of Homeownership,” Journal of Urban Economics 54 (2003): 401–450.

15 Staff of the Joint Committee on Taxation, “Estimates of Federal Tax.”

16 “Policy Basics: Federal Tax Expenditures,” Center on Budget and Policy Priorities, February 23, 2016, http://www.cbpp.org/research/federal-tax/policy-basics-federal-tax-expenditures.

17 Robert Collinson, Ingrid G. Ellen, and Jens Ludwig, “Low-Income Housing Policy,” National Bureau of Economic Research, Working Paper No. 21071, April 2015, http://www.nber.org/papers/w21071.

18 Benjamin Harris et al., “Tax Subsidies for Asset Development: An Overview and Distribution Analysis,” Urban Institute, March 7, 2014, http://www.urban.org/research/publication/tax-subsidies-asset-development-overview-and-distributional-analysis.

19 Adam J. Cole, Geoffrey Gee, and Nicholas Turner, “The Distributional and Revenue Consequences of Reforming the Mortgage Interest Deduction,” National Tax Journal 64, no. 4 (2011): 977–1000.

20 Other perverse incentives in the current mortgage interest deduction include front-ending allowable interest deductions, creating a tax incentive to sell homes more quickly.

21 Staff of the Joint Committee on Taxation, “Estimates of Federal Tax.”

22 Harris et al., “Tax Subsidies.”

23 Staff of the Joint Committee on Taxation, “Estimates of Federal Tax.”

24 Ibid.

25 Benjamin Harris and Lucie Parker, “The Mortgage Interest Deduction Across Zip Codes,” Urban-Brookings Tax Policy Center, December 4, 2014, https://www.brookings.edu/research/the-mortgage-interest-deduction-across-zip-codes.

26 Harris et al., “Tax Subsidies.”

27 Ibid.

28 John Sides, “Stories, Science, and Public Opinion About the Estate Tax,” George Washington University Department of Political Science, 2011, http://home.gwu.edu/~jsides/estatetax.pdf.

29 Sides, “Stories, Science, and Public Opinion.”

30 “Billionaires’ Bluff: How America’s Richest Families Hide Behind Small Businesses and Family Farms in Effort to Repeal Estate Tax,” Public Citizen, June 25, 2015, http://www.citizen.org/documents/billionaires-bluff-estate-tax-report.pdf.

31 David Cay Johnston, “Talk of Lost Farms Reflects Muddle of Estate Tax,” New York Times, April 8, 2001, http://www.nytimes.com/2001/04/08/us/talk-of-lost-farms-reflects-muddle-of-estate-tax-debate.html; David Cay Johnston, “No, the Estate Tax Isn’t Destroying Family Farms,” Aljazeera America, March 27, 2015, http://america.aljazeera.com/opinions/2015/3/the-estate-tax-isnt-destroying-family-farms.html.

32 Staff of the Joint Committee on Taxation, “History, Present Law, and Analysis of the Federal Wealth Transfer Tax System,” Joint Committee on Taxation, JCX-52-15, March 16, 2015, https://www.jct.gov/publications.html?func=showdown&id=4744.

33 Susan Harley, “Who Is Behind the Push to Repeal the Estate Tax?,” The Hill, July 8, 2015, http://thehill.com/blogs/congress-blog/economy-budget/247111-who-is-behind-the-push-to-repeal-the-estate-tax; “Billionaires’ Bluff.”

34 The Mars, Wegman, Cos, Taylor, Van Andel, DeVos, Bass, Schwab, and Hall families, for example, actively contribute to lobbying and public campaign efforts. See Harley, “Who Is Behind the Push to Repeal the Estate Tax?” The Koch brothers’ efforts went through the 60 Plus Association, whose priorities include privatizing Social Security and killing the estate tax.

35 Staff of the Joint Committee on Taxation, “History, Present Law, and Analysis of the Federal Wealth Transfer Tax System.”

36 Ibid.

37 See Martin Feldstein, “Kill the Death Tax Now,” Wall Street Journal, July 14, 2000, http://www.nber.org/feldstein/wj071400.html; Ryan Ellis, “Top Ten Reasons the U.S. House Will Kill the Death Tax,” Forbes, April 15, 2015, http://www.forbes.com/sites/ryanellis/2015/04/14/top-ten-reasons-the-u-s-house-will-kill-the-death-tax/2/#358a798933f6.

38 Michael Greenstone et al., “Thirteen Economic Facts About Social Mobility and the Role of Education,” Brookings Institution, June 2013, http://www.brookings.edu/research/reports/2013/06/13-facts-higher-education.

39 Harry S. Truman, “Statement by the President Making Public a Report of the Commission on Higher Education,” American Presidency Project, December 15, 1947, http://www.presidency.ucsb.edu/ws/index.php?pid=12802; Steven Brint and Jerome Karabel, The Diverted Dream (Oxford: Oxford University Press, 1991).

40 Phil Oliff et al., “Recent Deep State Higher Education Cuts May Harm Students and the Economy for Years to Come,” Center on Budget and Policy Priorities, March 19, 2013, http://www.cbpp.org/research/recent-deep-state-higher-education-cuts-may-harm-students-and-the-economy-for-years-to-come.

41 “Indicators of Higher Education Equity in the United States—45 Year Trend Report,” Pell Institute, 2015, http://www.pellinstitute.org/downloads/publications-Indicators_of_Higher_Education_Equity_in_the_US_45_Year_Trend_Report.pdf.

42 Laura Sullivan et al., “Less Debt, More Equity: Lowering Student Debt While Closing the Racial Wealth Gap,” IASP, November 24, 2015, https://iasp.brandeis.edu/pdfs/2015/lessdebt.pdf.

43 Felix Salmon, “Universities Shouldn’t Be Tax Exempt,” Reuters, July 8, 2013, http://blogs.reuters.com/felix-salmon/2013/07/08/universities-shouldnt-be-tax-exempt; Jorge Klor de Alva and Mark Schneider, “Rich Schools, Poor Students: Tapping Large University Endowments to Improve Student Outcomes,” Nexus Research, 2015, http://www.uctv.tv/shows/Rich-Schools-Poor-Students-Tapping-Large-University-Endowments-to-Improve-Student-Outcomes-30112. Many universities, such as Stanford, recognize the public resources they utilize, such as fire and emergency responders, and thus often give back to local communities in services and/or tuition breaks for local students.

44 De Alva and Schneider, “Rich Schools, Poor Students.”

45 Ibid.

Notes to Chapter Six

1 The Institute on Assets and Social Policy publications in the Leveraging Mobility Series include Tatjana Meschede et al., “Family Achievements? How Wealth Trumps Education Among White and Black College Graduates,” Federal Reserve Bank of St. Louis, June 2016, https://www.stlouisfed.org/~/media/Files/PDFs/HFS/20160525/slides/Meschede-Shapiro.pdf; Hannah Thomas et al., “Location, Location, Location: The Role Neighborhoods Play in Family Wealth and Well-Being,” IASP, 2014, https://iasp.brandeis.edu/pdfs/2014/Location.pdf; Hannah Thomas et al., “Keeping Dreams Alive: The Lane-Changer Costs of Financial Disruptions,” IASP, 2014, https://iasp.brandeis.edu/pdfs/2014/Lane-Changer.pdf; Janet Boguslaw et al., “Hard Choices: Navigating the Economic Shock of Unemployment,” Pew Charitable Trusts, 2013, http://www.pewtrusts.org/~/media/legacy/uploadedfiles/pcs_assets/2013/empreporthardchoicesnavigatingtheeconomicshockofunemploymentpdf.pdf; Tatjana Meschede et al., “Wealth Mobility of Families Raising Children in the 21st Century,” Federal Reserve Bank of St. Louis, 2015, https://www.stlouisfed.org/~/media/Files/PDFs/Community%20Development/Econ%20Mobility/Sessions/MeschedeThomasPaper508.pdf; Rebecca Loya et al., “Tipping the Scale: How Assets Shape Economic Wellbeing for Women and Families,” IASP, 2015, https://iasp.brandeis.edu/pdfs/2015/tipping.pdf; Laura Sullivan et al., “Navigating an Unclear Path: Preparing for Retirement in the 21st Century,” IASP, 2015, https://iasp.brandeis.edu/pdfs/2015/LMS6.pdf; Hannah Thomas et al., “The Web of Wealth: Resiliency and Opportunity or Driver of Inequality?,” Institute on Assets and Social Policy, July 2014, https://iasp.brandeis.edu/pdfs/2014/Web.pdf; Hannah Thomas et al., “Employment Capital: How Work Builds and Protects Family Wealth and Security,” IASP, December 2013, https://iasp.brandeis.edu/pdfs/2013/Employment.pdf; Hannah Thomas et al., “Leveraging Mobility: Building Wealth, Security and Opportunity for Family Well-Being,” IASP, 2013, https://iasp.brandeis.edu/pdfs/2013/LM1-building-wealth.pdf.

2 Joseph Stiglitz, Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity (New York: W. W. Norton, 2015).

3 Robert Reich, Saving Capitalism (New York: Knopf, 2015).

4 David Stoesz, “The Excluded: An Estimate of the Consequences of Denying Social Security to Agricultural and Domestic Workers” (working paper, Center for Social Development, St. Louis, Missouri, 2016).

5 Survey data continually point to large majorities supporting expansive, inclusive, and even robust economic policies. See “General Social Survey: Chronicling Changes in American Society,” AP-NORC Center for Public Affairs Research, 2015, http://www.apnorc.org/projects/Pages/general-social-survey-chronicling-changes-in-american-society.aspx.

6 “Investing in Tomorrow: Helping Families Build Savings and Assets,” Annie E. Casey Foundation, January 20, 2016, http://www.aecf.org/resources/investing-in-tomorrow-helping-families-build-savings-and-assets. This work utilized the IASP Racial Wealth Audit.

7 The pathbreaking work of jon powell is critical here. See jon a. powell, “Post-racialism or Targeted Universalism,” Denver Law Review 86 (2008): 785, http://scholarship.law.berkeley.edu/facpubs/1633.

8 See Rakesh Kocchar and Richard Fry, “Wealth Inequality Has Widened Along Racial, Ethnic Lines Since End of Great Recession,” Pew Research Center, 2014, http://www.pewresearch.org/fact-tank/2014/12/12/racial-wealth-gaps-great-recession; Sarah D. Wolff, “The State of Lending in America and Its Impact on U.S. Households,” Center for Responsible Lending, June 2015, http://www.responsiblelending.org/state-of-lending/State-of-Lending-report-1.pdf.

9 The Tax Alliance for Economic Mobility includes the following organizations or leaders associated with these organizations: AARP, Aspen Institute/Initiative on Financial Security, Asset Funders Network, Bend the Arc, Institute on Assets and Social Policy, Center for American Progress, Center for Community Change, Center on Budget and Policy Priorities, Center for Global Policy Solutions, City and County of San Francisco, CLASP, Color of Change, Emory Law School, First Focus, Greenlining Institute, Insight Center for Community Economic Development, Institute for Women’s Policy Studies, Leadership Conference on Civil and Human Rights, Massachusetts Budget and Policy Center, National Association for the Advancement of Colored People, National Alliance of Community Economic Development Associations, National Association for Latino Community Asset Builders, National Coalition for Asian Pacific American Community Development, National Council of La Raza, National Urban League, New America Foundation, Oklahoma Native Assets Coalition, PICO National Network, Skadden, Arps, Slate, Meagher & Flom LLP, UCLA Asian American Studies Center, United for a Fair Economy, Washington University in St. Louis, Women Donors Network, United Way Worldwide, Urban Institute, and the Young Invincibles. For the Tax Alliance for Economic Mobility proposal, see Will Fischer and Chye-Ching Huang, “Mortgage Interest Deduction Is Ripe for Reform,” Center on Budget and Policy Priorities, June 25, 2013, http://www.cbpp.org/research/mortgage-interest-deduction-is-ripe-for-reform.

10 Benjamin Harris, Eugene Steuerle, and Amanda Eng, “New Perspectives on Homeownership Tax Incentives,” Brookings Institute, January 6, 2014, https://www.brookings.edu/research/new-perspectives-on-homeownership-tax-incentives.

11 Karen Dynan, Ted Gayer, and Natasha Plotkin, “The Recent Homebuyer Tax Credit: Evaluation and Lessons for the Future,” Economic Studies at Brookings, June 28, 2013, http://www.brookings.edu/~/media/Research/Files/Papers/2013/06/28%20homebuyer%20tax%20credit%20dynan%20gayer/28_homebuyer_tax_credit_dynan_gayer.pdf.

12 “Affirmatively Furthering Fair Housing,” US Department of Housing and Urban Development, July 16, 2015, https://www.huduser.gov/portal/affht_pt.html#final-rule.

13 Raj Chetty, Nathaniel Hendren, and Lawrence F. Katz, “The Effects of Exposure to Better Neighborhoods on Children: New Evidence from the Moving to Opportunity Experiment,” American Economic Review 106, no. 4 (April 2016): 855–902.

14 Devah Pager, Marked: Race, Crime, and Finding Work in an Era of Mass Incarceration (Chicago: University of Chicago Press, 2009).

15 Marianne Bertrand and Sendhil Mullainathan, “Are Emily and Greg More Employable Than Lakisha and Jamal? A Field Experiment on Labor Market Discrimination,” American Economic Review 94 (2004): 991–1013.

16 Maya Rockeymoore and Meizhu Lui, Plan for a New Future: The Impact of Social Security Reform on People of Color (Washington, DC: Commission to Modernize Social Security, 2011), http://latinosforasecureretirement.org/resources/new_future_social_security_commission_report_.pdf.

17 “Securing Our Financial Future: Report of the Commission on Retirement Security and Personal Savings,” Bipartisan Policy Center, June 2016, http://cdn.bipartisanpolicy.org/wp-content/uploads/2016/06/BPC-Retirement-Security-Report.pdf. See a dissenting note from commission member Kilolo Kijakazi, “Why I Chose Not to Endorse the Bipartisan Policy Center Commission’s Retirement Security Report,” Urban Institute, June 9, 2016, http://www.urban.org/urban-wire/why-i-chose-not-endorse-bipartisan-policy-center-commissions-retirement-security-report. To prevent this revenue shortfall, the commission recommended tweaking the benefit formula, gradually increasing the maximum wage to which the payroll tax is applied, slightly increasing the payroll tax over ten years, increasing full retirement age by two years, and reducing the annual cost-of-living adjustment.

18 Laura Sullivan et al., “Less Debt, More Equity: Lowering Student Debt While Closing the Racial Wealth Gap,” IASP, November 24, 2015, https://iasp.brandeis.edu/pdfs/2015/lessdebt.pdf.

19 Estimating the cost of reducing student debt is quite complicated, as it includes policy design, deciding between phase-in and all-at-once implementation, and numerous other assumptions difficult to model. The sum of all student debt exceeds $1.2 trillion. A policy that reduces half the debt of those with incomes less than $25,000 would impact approximately 10 to 15 percent of college graduates. The cost is not small, but the returns would be enormous.

20 W. Elliot, “Small-Dollar Children’s Savings Accounts and Children’s College Outcomes,” Children and Youth Services Review 35, no. 3 (2013): 572–585.

21 See William Darity Jr. and Darrick Hamilton, “Bold Policies for Economic Justice,” Review of Black Political Economy 39, no. 1 (March 2012): 79–85.

22 “Investing in Tomorrow.”

23 “2015 EITC Income Limits, Maximum Credit Amounts and Tax Law Updates,” Internal Revenue Service, November 24, 2016, https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/eitc-income-limits-maximum-credit-amounts; “Policy Basics: The Earned Income Tax Credit,” Center on Budget and Policy Priorities, January 15, 2016, http://www.cbpp.org/research/federal-tax/policy-basics-the-earned-income-tax-credit.

24 For simplicity, this basic set of responsible reforms is modeled on Senator Bernie Sanders’s proposal, which includes features regarding the valuation of property. A conservative tax advocacy organization, the Tax Foundation, tried to model how much revenue would be generated by such a proposal and reported that about $30 billion in federal revenue would result from such a reformed estate tax. Their assumptions were opaque, so their figure should be taken as a ballpark estimate. Alan Cole and Scott Greenberg, “Details and Analysis of Senator Bernie Sanders’s Tax Plan,” Tax Foundation, January 2016, http://taxfoundation.org/sites/taxfoundation.org/files/docs/TaxFoundation-FF498.pdf