Toxic Inequality: How America's Wealth Gap Destroys Mobility, Deepens the Racial Divide, and Threatens Our Future

by Thomas M. Shapiro Narrated by Christopher Grove

Overview

Since the Great Recession, most Americans' standard of living has stagnated or declined. Economic inequality is at historic highs. But inequality's impact differs by race; African Americans' net wealth is just a tenth that of white Americans, and over recent decades, white families have accumulated wealth at three times the rate of black families. In our increasingly diverse nation, sociologist Thomas M. Shapiro argues, wealth disparities must be understood in tandem with racial inequities-a dangerous combination he terms "toxic inequality."



In Toxic Inequality, Shapiro reveals how these forces combine to trap families in place. Following nearly two hundred families of different races and income levels over a period of twelve years, Shapiro's research vividly documents the recession's toll on parents and children, the ways families use assets to manage crises and create opportunities, and the real reasons some families build wealth while others struggle in poverty. The structure of our neighborhoods, workplaces, and tax code-much more than individual choices-push some forward and hold others back.



America's growing wealth gap and its yawning racial divide have been forged by history and preserved by policy, and only bold, race-conscious reforms can move us toward a more just society.

Editorial Reviews

From the Publisher

"[In Toxic Inequality] Shapiro, a public-policy specialist, explores the fault lines of race in the landscape of inequality. The book draws on two sets of interviews with 137 US families of different ethnicities and levels of income over a decade, and argues that class must not eclipse race as an explanation of wealth inequality.... Shapiro argues that virtues such as thrift or dedication are not enough to overcome these disadvantages—especially when policy (that is, health-care coverage and housing regulations) makes it harder to build wealth."—Nature

"Shapiro makes a persuasive and well-written case that families are not poor because they lack personal responsibility or are lazy and prefer welfare to working, but rather because of the lottery of birth. Inherited wealth, education, employment conditions, tax laws and the circumstances of one's birth distinguish those who get ahead from those who fall behind."—John K. Collins, Winnipeg Free Press

"A strong case that deserves a wider readership than just policy wonks."—Kirkus Reviews

"A thorough read on inequality when considering race, wealth, and wealth gaps.... Although heavy on sociological research, Shapiro's work is easy to follow and valuable for [those] interested in expanding their knowledge on factors that affect economic mobility among marginalized groups."—Library Journal

"In this lucid and compelling book, Thomas M. Shapiro convincingly argues why we can't understand wealth and income inequality in America without also understanding racial inequality, and that any potential solution to the former must also remedy the nation's widening racial divide. He shows how wealth and race compound historic injustices through their combined effects on housing, schools and colleges, employment, and politics. Everyone concerned about the toxic effects of inequality must read this book."—Robert B. Reich, author of Saving Capitalism: For the Many, Not the Few

"In this indispensable book, Thomas M. Shapiro connects the stories of individual American families to a powerful and readable analysis of data and policy, revealing the truth about escalating racial inequality in America: it is the result of institutional forces, not individual effort."—Heather C. McGhee, President, Demos

"Thomas M. Shapiro brilliantly analyzes the most important economic challenge of our time. With its razor-sharp insights and poignant personal stories, Toxic Inequality is a compelling, crucially important, and ultimately hopeful book."—Bob Herbert, Distinguished Senior Fellow at Demos and former Op-Ed columnist for the New York Times

"This is one of the most thought-provoking books I have read on economic inequality in the US. Thomas M. Shapiro's poignant stories of families coping with financial stress and insecurity, based on interviews over several years, are buttressed by his persuasive account of how economic, political, and social forces enhance the relationship between wealth disparities and racial inequities. Shapiro's penetrating analysis and bold policy prescriptions make Toxic Inequality a must-read."—William Julius Wilson, Lewis P. and Linda L. Geyser University Professor, Harvard University

"In Toxic Inequality, Thomas M. Shapiro shows that inequality harms everyone—that it squanders talents, misallocates resources, and suppresses initiative. Deftly blending facts and figures with moving personal stories, this book reveals how severe inequality is, why it matters, and what we can do about it."—George Lipsitz, author of The Possessive Investment in Whiteness

Library Journal

02/15/2017
Shapiro (law, social policy, Brandeis Univ.; The Hidden Cost of Being African American) evaluates wealth disparities among African Americans and compares them to those of white Americans. He argues that the differences must be understood in tandem with racial inequality. Similar to the experiences chronicled in memoirs by Dalton Conley (Being Black; Living in the Red) and Ta-Nehisi Coates (Between the World and Me), Shapiro's compares lifestyles and family experiences, allowing readers to consider inequality through the eyes of families who experience economic and social disparity firsthand. The author's interviews, research, and decadeslong case studies explore the reality of the choices that impoverished families need to make. These decisions impact earning power and further highlight the differences between income and wealth, especially in matters such as home equity, employer benefits, and sources of financial assistance. VERDICT A thorough read on inequality when considering race, wealth, and wealth gaps. Although heavy on sociological research, Shapiro's work is easy to follow and valuable for students and academics interested in expanding their knowledge on factors that affect economic mobility among marginalized groups.—Cicely Douglas, Delray Beach P.L., FL

Kirkus Reviews

2016-12-26
An examination of economic inequality—unsurprisingly, the title refers to race as well as economic class.Shapiro (The Hidden Cost of Being African-American: How Wealth Perpetuates Inequality, 2004, etc.) is a professor of law and social policy at Brandeis University, where he directs the Institute on Assets and Social Policy. His analysis stems from research conducted within the institute's Leveraging Mobility Study, consisting of interviews conducted with urban families from 1998 to 1999 and then between 2010 and 2012. During that decade-plus, the country suffered through a severe recession, crises of unemployment, housing, and banking, and shifts in federal and state welfare policy through which "the safety net has been shredded." The key distinction that Shapiro makes is between income and wealth, too often considered together. Tax and economic policy tend to favor wealth—through mortgage interest exemptions, inheritance policies, private college endowments, corporate retirement plans, etc. Thus, there are those who seem to have a comfortable salary, in the $100,000 range, but who have little wealth to sustain them if they lose their jobs or their health or if the value of their homes plummet. The majority of the author's subjects come from minority populations, whose jobs are less secure (and offer fewer benefits) and whose neighborhoods are shakier. "We must understand wealth and income inequality together with racial inequality," writes the author, and the toxicity lies within that triangle. Much of what the study reveals the reader will have likely suspected, and the prose is simple and straightforward. Yet Shapiro makes it clear that many people suffer due to circumstances well beyond their control—they do everything right and still end up on the wrong side of the ledger—and that the country could afford to address this by refocusing its priorities. A strong case that deserves a wider readership than just policy wonks.

Product Details

BN ID:	2940173986931
Publisher:	Tantor Audio
Publication date:	08/20/2019
Edition description:	Unabridged

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