Schrager: Affordability isn't a hoax. It's not a crisis for most, either.

"Too many Americans are trying to cope with rising food prices and high costs for housing, health care and child care. At the same time, it is important to note that there is not a widespread affordability crisis in the U.S. Some people are truly unable to keep up with basic necessities. Some have high expectations that their incomes can't meet. And some are doing fine."

"Affordability has been an issue for years, but it became an acute problem when inflation spiked after the pandemic and there was a drop in real income. Inflation is still high, about 3%. But real income growth is still positive for most Americans, suggesting that income is rising to cover many of the goods and services that are increasing in price."

"There are caveats. For the bottom quartile, real wages are not rising as fast as for the other two. And even for the middle class, real wages haven't risen enough to keep pace with the increase in some critical goods and services. Measuring the overall impact of all this is a challenge, because different households have different needs and priorities."

Many Americans are coping with rising food prices and high costs for housing, health care, and child care. Some households cannot afford basic necessities, some face incomes that do not meet expectations, and others are doing fine. Inflation spiked after the pandemic causing a drop in real income, and inflation remains around 3 percent. Real income growth is positive for most Americans, though the bottom quartile sees slower wage growth and the middle class has not kept pace for some essential goods and services. Measuring impact is difficult because households differ in needs and priorities. Child care and housing represent significant burdens.

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