US affordability crisis affects 70% of consumers

New research indicates a widespread affordability crisis in the United States, with 70 percent of Americans struggling to manage multiple costs such as housing, food, healthcare, and childcare. Data from the Georgetown Law Center on Poverty and Inequality shows that 41 percent of the population faces a healthcare burden, while 33 percent face housing burdens and nearly one-third struggle with food costs.

The Brookings Institution notes that these challenges have intensified since 2014, particularly affecting Black and Latino households due to persistent income and wage gaps. As the costs for essential services rise faster than wages, many families are unable to keep pace.

Compounding these issues is a significant racial wage gap. Reports indicate that Latinas earn approximately 60 cents for every dollar earned by white men. However, union membership has been identified as a factor in narrowing these disparities; Hispanic workers in unions receive a 16.4 percent wage premium compared to nonunion counterparts, and union contracts can help establish more transparent and enforceable pay standards.