The inequalities are greater now than in ’92. Some states have equalized per-pupil spending but they set the ’equal level’ very low, so that wealthy districts simply raise extra money privately.

Kozol is arguing that school-finance “equalization” reforms have often been more cosmetic than transformative. Even where states narrow official per‑pupil funding gaps, they may do so by setting a low baseline that leaves all public schools underfunded. Wealthier communities then preserve advantage through private fundraising—education foundations, PTA drives, and other local revenue streams—recreating inequality outside the state formula. The reference to “’92” points to an earlier benchmark in Kozol’s long-running critique of segregated and unequal schooling, suggesting that disparities have not only persisted but intensified over time. The quote underscores his broader theme: inequality adapts to policy fixes unless structural disparities in wealth and political power are addressed.