How the affordability crisis broke the American Dream — the change in the last several generations is real

In a nation where the promise of the American Dream was that hard work could lead to economic security, that promise is now broken. Today, affordability is at the forefront of the American public's concerns, with the struggle to make ends meet threatening the very essence of the American Dream. Across Europe, people are protesting high food prices, unaffordable housing, stagnant wages, and declining public services—but Americans are equally frustrated, and this year's midterm elections are being influenced by affordability concerns.

Despite not being on the streets, the severity of the affordability crisis in America is so profound that it could potentially jeopardize the viability of the country itself.

The affordability crisis is a reality that spans across various aspects of life, from dining at fast food chains to buying homes. For instance, a family of five would have spent the equivalent of three hours of minimum wage work in 1955 to dine at McDonald's, but today, such a meal costs nearly an entire eight-hour workday. Similarly, buying a home is less affordable today compared to 1960, with the gap in affordability being more than half.

Affordability is not just about the gap between what things cost and what people can afford; it encompasses a broader political context. This includes the widening gap between the ultra-rich and everyone else, the discrepancy between economic theories and people's everyday experiences, the disparity between a "poverty wage" and a "livable wage," and the contrast between political promises and the realities faced by citizens.

In essence, affordability is a multifaceted issue that reflects the K-shaped metaphor of the economy, where the rich continue to get richer while the poor get poorer. This metaphor resonates with many Americans who express frustration with the state of the economy.

The term "affordability" encapsulates the literal gap between cost and affordability, but it also highlights a rhetorical gap between professional economists and economists on one hand, and the general public on the other. This gap is filled with terms like "cost of living" or "making ends meet," but they fail to capture the true extent of the K-shaped economic disparity.

Affordability in America is a metaphorical narrative that underscores a deeper political issue, demanding a more profound understanding and addressing the underlying gaps.