ITHACA – Following Democrats’ dramatic sweep in state and local elections in the United States last November, pundits agreed that affordability had become voters’ dominant concern. Elected officials in both parties quickly responded with promises to curtail inflation. Even if successful, however, such efforts would not make life more affordable. That is because America’s affordability crisis has virtually nothing to do with inflation. It is instead an indirect consequence of the unprecedented growth in income and wealth inequality that has been occurring since the 1970s.

© Project Syndicate