Opinion

EJ ANTONI: Overseas wars put affordability on hold, but that’s only temporary

Cost-of-living crisis started during Biden presidency, but wars brought it back

By E.J. Antoni Fox News

Published November 2, 2026 5:00am EST

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American families aren’t imagining it: we’ve had affordability problems since at least 2022. The situation was improving markedly throughout last year, right up until this February, but overseas conflicts reversed some of that progress. Once the wars with Iran and in Ukraine conclude, affordability will start to improve again.

The cost-of-living crisis started during the Biden administration when prices rose so much faster than earnings that people’s paychecks shrunk in terms of their purchasing power. Although the average American’s weekly paycheck grew roughly 17% during President Joe Biden’s term, it bought about 4% less.

For many families, that meant canceling vacation plans or being unable to buy a newer vehicle. For others, it meant having to put some necessities — like rent, prescriptions and food — on credit cards. Even when inflation came down, families were still facing high costs since inflation is the rate of price increases, not the prices themselves.

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To add insult to injury, 40-year-high inflation prompted the fastest rise in interest........

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