White kids get to wear whatever hat they want
When it comes to black kids one size fits all
Pun on hat, ie a literal piece of headwear, and using the New Era caps as a symbol for the confining box of stereotype and perceived cultural norms that blacks are put in. The phrase ‘wearing different hats’ means that you hold many positions or do different jobs. Gambino’s suggesting that white kids have the choice of any job, or to be anyone they want, whereas blacks are viewed as being able to do only one thing or a very narrow field of things or adhering to a specific stereotype/attitude — this issue is a recurring theme throughout Camp.
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