A Finance Guru on What the Inflation Debate Gets Wrong

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The bestselling author and Netflix star Ramit Sethi sees a major opportunity for the Biden campaign to change the conversation about the cost of living.

Alexander Burns is head of news at POLITICO. He has covered elections and political power across the U.S. for over a decade and co-wrote a best-selling book about Donald Trump and Joe Biden. His reported columnproposed in a column

Housing costs are high not just because young people are eating too many avocados and they can’t afford a house. There are structural reasons that are deeply embedded in society. And I think it’s really important to talk about them. It’s interesting to me that you hear, relatively speaking, least about food costs, because as a political journalist, it’s what you hear so frequently from voters and from the campaigns that talk to voters. That they’re frustrated about how much things cost in the grocery store.

In Washington, whoever is in charge usually says: “We don’t have that many tools to make things more affordable.” It seems to me that’s probably more true for items in the grocery store than it is for housing. Is there anybody who you hear in the political world talking about housing in a way that you just feel like: “Yes, that’s a bullseye.”

You do sound like a candidate, I have to say. You say you’ve drafted talking points for politicians — have you literally shared that with people? One thing that’s quite surprising is that the majority of Americans actually recognize the need to build more housing. It’s a very small, vocal minority that has stymied progress for, literally, generations. And the fact is, the pressure’s building up and there will be some courageous politicians. They’re already happening at the local levels, which is where change really develops. With the blessing of national politicians, that becomes an unstoppable force.

If the president did call you and said, “Man, you know a lot about how to talk to people about finance, and my campaign is in a tough spot because people are frustrated with the cost of living. How should I talk to them about it?” — what would you tell him?

 

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