Affordability has been affected by two things. Coming out of the pandemic, there was a burst of inflation. We got inflation back down, but price levels remained higher, and that really highlights the long tail that high inflation has.
The other part of it is incomes. If you want to improve affordability.... We're not going to lower all prices. That would really weaken the economy. No one would like that.
We're going to keep inflation low and stable. If you want to improve affordability, you really need to grow incomes, and that comes down to growing productivity and getting the economy working.
