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Seasonal comparison research suggests that schools are compensatory or that socioeconomic learning inequalities would be greater if children did not attend schools. I explore whether this pattern has changed from 2002 to 2012, a period in which economic disparities in the United States have widened. As the broader social conditions outside of school have worsened, what does this mean for the role of schools? Are U.S. schools compensating for inequality to a greater extent or is this equalizing ability being compromised? Using a unique data set from the Northwest Evaluation Association (NWEA), I construct seasonal estimates of SES-based learning inequalities for over 80,000 students in the same 421 schools and find that, over time, schools are compensating for existing inequalities to a lesser extent in 2012 compared to ten years prior. Learning inequalities are always worse in the absence of schools, but the equalizing ability of schools is diminishing as the social conditions outside of school become more challenging. Furthermore, reductions in the compensatory effects of schooling are most pronounced when comparing the extremes of socioeconomic status within the student population.