For the past few years, American politics have been organized around a simple, unnerving feeling: Life is getting too expensive, and no one seems to know what to do about it. Rent and home prices feel out of reach. Child care feels like it costs as much as a second mortgage. Groceries, utilities, and health care have all climbed faster than people’s paychecks. Politicians have reached for familiar tools — blaming corporate “greedflation,” flirting with price controls and tariffs, promising to “take on” whoever is convenient in an election year — but none of that gets to the deeper qu...

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