In this study, we drew on the m(ai)cro framework, which centers racism as a macrosystem, to examine how college-going emerging adults made meaning about society and themselves during the 2020 U.S. presidential election and 2021 inauguration. This period was marked by racial justice protests, a global pandemic, anti-Asian violence, and the storming of the U.S. Capitol by predominantly white Trump supporters. Using the constructs of critical consciousness and racial identity meaning making, we analyzed participants' reports of recent race related conversations. Our sample included 47 students (M[subscript age] = 19.71, SD = 1.72; 81% female, 17% male, 2% other; 45% Asian/Asian American, 30% white, 13% Latinx/Hispanic, 4% Black/African American, 4% Multiracial, 2% Middle Eastern/Arab) at a private, predominantly white university in the U.S. Midwest. Hybrid inductive-deductive analysis showed that a majority reported conversations with peers, focused primarily on racial inequity and justice. For many participants of color, conversations about topics including protests and anti-Asian violence were woven into their racial identities. In contrast, although many white participants discussed events such as the Capitol insurrection, none made links to their racial identities. Our findings highlight connections between critical consciousness and racial identity, and the importance of context and participant positionality in developmental research.