"Consider a riddle: What is the thing that sounds like inflation but isn't, and is in fact nearly impossible to disprove with data showing inflation has cooled? It's "affordability," the Bête noire of incumbent politicians and the emerging political buzzword of 2025-and potentially far beyond. Affordability emerged as the common theme of Democrats' sweep of the November off-year elections, with progressive Zohran Mamdani of New York and centrists Mikie Sherrill of New Jersey"
"One leading economist, Paul Donovan of UBS, warned on Friday that the term "affordability" is a slippery concept, and the politicians benefitting from it today may be fighting against it tomorrow. It simply has an anti-incumbent bias. Donovan notes that affordability is a deeply subjective measure, often wielded as a political tool rather than an objective economic indicator. For politicians seeking to win over voters, the temptation is to promise solutions,"
""Affordability also includes some kind of aspiration," wrote Donovan, global chief economist for UBS Wealth Management, on his weekly blog. "People want things (generally 'better' things than they currently have) and are upset that they cannot afford those things." When social media presents an idealized image, he added, this "fuels resentment about a lifestyle that cannot be afforded.""
Affordability has emerged as a dominant political theme across recent elections, driving victories for both progressive and centrist candidates. The concept operates as a subjective measure tied to aspiration and lifestyle expectations rather than a strict economic indicator. Affordability carries an anti-incumbent bias and can be wielded as a political tool with shifting benchmarks. Social media amplifies idealized lifestyles and FOMO, intensifying resentment about unaffordable goods and living standards. Politicians facing affordability concerns are tempted to promise solutions, even when those promises rest on poorly defined or changing metrics.
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