What people say about Color and Money-

"Anyone interested in the inequities of the selective college admissions process will find Color and Money clear-eyed, hard-hitting, enlightening, and informative."--Rachel Toor, author of Admissions Confidential: An Insider's Account of the Elite College Selection Process.
"For those concerned about why the march toward social justice in America has faltered badly for nearly forty years, Peter Schmidt's Color and Money is a highly instructive--and greatly disturbing--guidepost." --Richard Kluger, author of Simple Justice: The History of Brown v. Board of Education and Black America's Struggle for Equality.
"An indispensible guide to the debate over affirmative action in the United States."--Michael Lind, author of The Next American Nation.
"This book is a must read for anyone concerned with access to higher education, especially to the nation’s elite universities, as well as with larger questions of social policy and social justice."--Terry MacTaggart, Former Chancellor, University of Maine System
"Books on the highly-charged issue of affirmative action are usually one-sided and inflammatory. Peter Schmidt's Color and Money is a wonderful exception. It provides an honest and fair examination that is also passionate and illuminating."--Richard D. Kahlenberg, Senior Fellow, The Century Foundation, and author of The Remedy: Class, Race, and Affirmative Action

Peter Schmidt is available as a speaker

Peter Schmidt is available to speak at colleges, bookstores, schools, churches, and at gatherings of education associations. His past speaking engagements are listed at the bottom of this Web site. If interested in having him appear, e-mail him at schmidt_peter@msn.com. He also is available as an expert source for journalists covering affirmative action. Those on a tight deadline should email him at peter.schmidt@chronicle.com.

Hear interviews with Peter Schmidt

Jack Lessenberry of Michigan Public Radio talked to Peter Schmidt about Color and Money in August. You can hear the interview here. Reading the book inspired Jack to write an essay on it, which you can read here. You also can hear Peter Schmidt talk about his book on the NPR program Justice Talking and in a Chronicle of Higher Education podcast.

Color and Money Is a College Course!

Many college professors are now using Color and Money in their classes, but Jack Dougherty, the director of the educational studies program at Trinity College in Connecticut, has gone a big step beyond. He has decided to name a freshman seminar "Color and Money" and to structure the class around the book. He has graciously agreed to share his syllabus, available here, for faculty members at other colleges who may have the same idea.


Wednesday, August 6, 2008

New Report Looks at How Lack of Accumulated Wealth Hurts Black Families

A new report from the Center for American Progress suggests that the United States' black population has much less upward economic mobility than its white population largely because it has more trouble accumulating wealth from one generation to the next..

Much other research on economic mobility has focused on income, but that's only part of the picture. When it comes to dealing with dealing with economic setbacks such as the loss of a job, or making a long-term investment in your child's future by ponying up money for college tuition, it matters to have money in the bank or other forms of built up equity.

Moreover, wealth, education, and income all build on each other. The more money families have saved to finance tuition, the more likely children are to get a degree that will land them a lucrative job, enabling them to sock away money to send their kids off to college.

The center based its analysis on family-wealth data gathered from 1984 to 2003 as part of the Panel Study of Income Dynamics, a national study that follows families and individuals over time. The researchers looked at people who were from 6 to 21 in 1984 and measured their family wealth then and their own wealth in the 1999-to-2003 period, when they were 24 to 40 years old.

As discussed in more depth in a Chronicle of Higher Education article, white children born to wealthy families are much more likely to become wealthy adults than black children born to such families, the center's analysis found. Among those born to families in the top fourth of society in terms of accumulated wealth, 55 percent of white children and 37 percent of black children grow up to be in the top fourth as adults. At the other end of wealth distribution, 35 percent of white children and 44 percent of black children born to families in the bottom fourth end up in the bottom fourth as adults, the report says.

Although the researchers did not specifically study what factors account for the black-white gap in wealth accumulation, their report suggests that discrimination in housing, employment, and other areas plays a role. The report also notes that black families in the top fourth tend to be in the bottom of that category, making it more likely, simply as a statistical matter, that they would fall into a lower bracket if they lost any wealth at all.

Similar conclusions were contained in a recent report on upward mobility published by the Economic Mobility Project—a collaborative involving the American Enterprise Institute, the Brookings Institution, the Heritage Foundation, and the Urban Institute.

That report, by Bhashkar Mazumder, an economist, said the entire black-white gap in upward economic mobility can be explained by gaps in academic-test scores. Both black and white children with the same test scores experienced similar rates of upward mobility, and there was no racial gap in economic mobility among white and black people who had finished four years of college.