Restoring the economy ‘will require that failed federal policies be reversed’
The concerns of many Americans about their economic well-being may be at the highest level since the Great Depression of the 1930s. Politico recently reported that 46% of Americans say their cost of living is the worst that they can remember, including over one-third of Trump voters. Nothing better exemplifies this than the many “30-somethings” who are unable to purchase a home.
Financial anxieties center around affordability, which is the proxy for evaluating whether the economy is meeting the public’s needs. Affordability is the degree to which households can responsibly pay for essential goods and services.
Gregg Ip, an economic commentator for the Wall Street Journal, says that affordability cannot be measured solely by economic data, but must also account for perceptions of financial security.
President Trump opined that concerns about affordability are a “hoax” created by Democrats for political purposes. Most Americans would disagree. While runaway inflation of the Biden presidency has moderated, widespread concerns about affordability persist. According to a recent Politico poll, nearly half of the nation found the cost of their groceries, healthcare, utilities, and housing to be unaffordable. About half of the respondents said food costs are difficult to manage, and more than a quarter skipped medical appointments because of the cost.
