The Affordability Challenge with Dr. Michael Strain | Let People Prosper Ep. 190
Inflation, tariffs, economics, and the future of conservatism.
Hello Friends!
Affordability has become the defining economic issue for millions of American families. Even as wages have grown in parts of the economy, rising costs for housing, healthcare, childcare, and everyday essentials continue to squeeze household budgets. The question policymakers must answer is simple but urgent: what policies actually lower costs and expand opportunity?
In Episode 190 of the Let People Prosper Show, I sat down with Dr. Michael R. Strain, Director of Economic Policy Studies at the American Enterprise Institute, to talk about inflation, tariffs, affordability, and the future direction of conservative economic thinking. This marks Michael’s second appearance on the show—his first was Episode 83 in February 2024—and he returns at a moment when debates over economic populism, trade policy, and pro-growth reforms are shaping the future of policy on the right.
This conversation cuts through the political noise to focus on the data behind the affordability crisis—and the policies that could actually help working families prosper.
🎧 Listen to the full episode of the Let People Prosper Show on Apple Podcasts, Spotify, or YouTube. Find out more about my work at Ginn Economic Consulting here: vanceginn.com.
Who Is Michael Strain?
Dr. Michael R. Strain is Director of Economic Policy Studies at the American Enterprise Institute and one of the most thoughtful economists shaping today’s conservative policy debate. His work focuses on labor markets, economic growth, public policy, and the role of economic evidence in policymaking.
Michael regularly contributes to debates on trade, inflation, wages, and affordability, bringing rigorous data analysis to issues that often become political slogans. When policymakers zig, Michael brings the evidence—and when narratives dominate, he brings clarity.
Learn more about Michael’s work here.
🎯 Key Takeaways
Affordability Is the Central Economic Challenge
For many families, the biggest economic problem isn’t wages—it’s rising costs. Housing, healthcare, and childcare expenses have grown rapidly, making it harder for families to get ahead.
Inflation Still Matters
Even as inflation moderates compared with its recent peak, many prices remain elevated relative to incomes. The lingering effects of inflation continue to shape household budgets.
Tariffs Rarely Deliver the Promised Jobs
Protectionist trade policies are often promoted as a way to revive manufacturing employment. But evidence shows tariffs rarely produce the long-term job gains politicians promise.
Political Narratives Often Outrun the Data
Economic debates frequently rely on simplified narratives rather than evidence. Sound policy requires careful analysis of tradeoffs and incentives.
The Right Is Debating Its Economic Future
Within conservative policy circles, an important debate is unfolding between economic populism and market-oriented reforms aimed at growth and opportunity.
Pro-Growth Policy Still Matters
Long-term prosperity depends on policies that encourage investment, innovation, and productivity—rather than policies that restrict markets or distort incentives.
🎙️ Why This Conversation Matters
Economic policy debates are increasingly shaped by political narratives about trade, wages, and industrial policy. But the data often tells a more complicated story.
If policymakers want to improve affordability and opportunity, they must focus on policies that expand supply, encourage economic growth, and avoid interventions that raise consumer costs.
Understanding what actually works—and what merely sounds good politically—is essential for building an economy that allows more people to prosper.
Let people prosper.
Vance Ginn, Ph.D.
President, Ginn Economic Consulting
