"True enough, nobody can believe that prices are falling rapidly. Big-ticket necessities, including health care, housing, and child care, became wildly unaffordable over the past few decades. Then COVID led to a gigantic surge in general inflation. Then borrowing costs went up sharply, making credit-card bills and auto loans more expensive. Then utilities started going bananas, in part thanks to the AI data centers popping up all over the place. Then the trade war pushed up the cost of clothing, food, and other goods. Then Congress let an important health-insurance-subsidy program expire, meaning 22 million Americans will see their premiums spike next month."
"Affordability is voters' No. 1 issue by far. It propelled Trump back into office last year, as it propelled Zohran Mamdani, Mikie Sherrill, and Abigail Spanberger into office this year. Trump might be callous, but his comments- it's not real, so buy less; it is real, but it's getting better -point to the profound dilemma all politicians face when trying to address the cost-of-living crisis."
Prices for essential goods and services rose sharply over decades, intensified by a post-COVID inflation surge and higher borrowing costs that increased credit-card and auto loan payments. Utilities spiked partly due to new AI data centers, and trade tensions raised the cost of clothing, food, and other goods. The expiration of a key health-insurance subsidy program will raise premiums for 22 million Americans. Affordability became the top voter issue, influencing recent elections. Political responses oscillate between minimizing the problem and claiming improvement, creating a difficult dilemma for policymakers trying to address the cost-of-living crisis.
Read at The Atlantic
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