MTG admits prices under Trump ‘have not come down at all,’ says young Americans have ‘no hope’ of buying homes

Core Insights - President Trump's administration is facing challenges in delivering on the campaign promise of making life more affordable, as acknowledged by Rep. Marjorie Taylor Greene [1][2] Affordability Crisis - Ordinary Americans are experiencing a persistent affordability crisis, with the consumer price index rising by 2.9% over the past 12 months, exceeding the Federal Reserve's 2% target [3] - The average effective tariff rate for consumers has reached 18%, with projections indicating that consumers may eventually bear 67% of these tariff costs over time [3][4][5] - Housing costs have increased by 3.6% over the past year, with the house price-to-income ratio at an all-time high, requiring an income of at least $104,000 to afford a median-priced home [3][6] - Wage growth is lagging behind inflation, with a three-month rolling wage growth of 4.1% in August 2025, significantly lower than the 6.7% growth recorded in August 2022 [3][7] - A significant portion of consumers, approximately 83%, are planning to reduce their budgets for non-essential items due to ongoing trade tensions, with younger generations being the most likely to do so [3][8]