The Affordability Crisis

Prices jumped significantly between 2021 and 2023.

That price increase was driven by cost-push inflation. This occurs when production costs increase leading companies to increase prices. The primary driver for these increases was reestablishing supply lines after COVID.

But notice something. The supply lines have been reestablished but the prices didn't go back down. Instead they're now driving huge corporate profits.

Normal inflation is caused by demand-pull inflation which occurs when consumer demand exceeds available supply. When you raise salaries on a broad scale in order to try and catch up with cost-push inflation, it will often lead to demand-pull inflation because more people have more money to spend. 

But raising salaries will always outpace demand-pull inflation. When salaries fail to keep up with inflation it is almost always cost-push inflation that is causing the problem.