There’s a big debate happening right now about “affordability.” Democrats are using that word because if they say “inflation,” everyone is reminded that Biden poured gasoline on an inflation fire and Democrats cheered it on. Inflation is an ongoing problem, but there’s another affordability problem that’s slightly divorced from it.
Affordability is a nebulous term, so let’s break it down. On one hand, when people think of affordability, they mean prices. This is where inflation comes in because while people see things like “cooling inflation rates,” as was touted this past week, the critical distinction is that prices still went up.
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