The Truth with Lisa Boothe: Affordability Crisis Explained: Inflation, Housing Costs, Immigration, and the Real Economy Impacting Americans

Podcast: The Clay Travis and Buck Sexton Show
Date: December 9, 2025
Host: Lisa Boothe
Guest: EJ Antoni, Chief Economist at The Heritage Foundation

Episode Overview

This episode dives deep into the ongoing affordability crisis affecting Americans, covering topics like inflation, housing costs, immigration’s role in the economy, and the impact of government policy. Lisa Boothe and EJ Antoni critically examine how economic pressures—from spiking home prices to the effects of deregulation and tariffs—are shaping voter sentiment and daily life. They discuss generational struggles, the role of recent policy, and the path forward, offering candid reflections and sharp analogies to explain the real impact on working Americans.

Key Discussion Points & Insights

I. The Affordability Crisis: Is the Narrative Catching Up to Reality?

• Background: Lisa and EJ agree that affordability is now central to the national conversation, though it has been a pressing issue for several years.
• Political Messaging:
  • EJ points out the shift in political and media attention, claiming that concern over affordability has only become prominent now that it’s politically expedient.
  • Quote: "It's because they think now it's politically profitable for them to do so, whereas before it, it obviously wasn't." (EJ Antoni, 04:06)
• Trump Administration Messaging:
  • There's concern over conflating media “hoaxes” with the real pain Americans face due to costs.
  • "[Trump’s] messaging should make clear the crisis is real, even if Democratic talking points are misleading." (Lisa Boothe, 08:25)
• Energy Prices as a Win:
  • Lowered gas prices are highlighted as a tangible benefit, impacting delivery costs and everyday shopping.
  • "Bringing down these energy prices... that's going to put downward pressure on prices throughout the economy because all of those transportation costs are a cost that a business has to pass on to the consumer." (EJ Antoni, 06:44)

II. Economic Turnaround: Time and Patience

• Lagging Effects of Policy:
  • It takes time to undo previous economic policies, and Americans’ impatience is justified due to prolonged suffering.
  • "It took 18 months for the inflation to really kick in... So even if Trump started on day one with the regulatory changes... you couldn't expect that to have an instantaneous effect." (EJ Antoni, 09:13)
• Voter Sentiment:
  • Dismissing concerns or telling voters to “calm down” backfires—people want empathy and acknowledgment.
  • "Telling them, like, 'you're fine, calm down,' is just going to enrage voters when they want to feel heard and understood that they're struggling." (Lisa Booth, 08:25)

III. Analogy Watch: Bidenomics as Alcoholism

• Economic Addiction Analogy:
  • EJ likens Biden-era spending to alcoholism—a series of fiscal “binges” followed by a painful but necessary recovery.
  • "Every time the economy started to sober up and things started to look bad, they just gave it another shot of whiskey, another shot of spending... what we're seeing this year is the painful sobering up." (EJ Antoni, 12:16)
• Short-Term Pain, Long-Term Gain:
  • The current administration is attempting to "sober up" the economy, a process that feels painful but is necessary for lasting health.

IV. Tariffs, Trade, and Presidential Ownership of the Economy

• Tariffs and Public Perceptions:
  • Major policy changes, especially tariffs, make voters more likely to blame current disruptions (and credit future gains) on the seated administration.
• Investment Incentives:
  • Short-term pain from tariffs is intended to spur long-term growth (reshoring manufacturing, new investments).
  • Over $10 trillion in investment promised over coming years hinges on maintaining course.
• Quote:
  • "The more changes, especially radical changes that the President makes, the more people are going to associate the economy with him and with his actions." (EJ Antoni, 17:37)

V. Why Are Americans Living Paycheck to Paycheck?

• Generational Shifts:
  • Millennials were criticized for spending habits, but Gen Z is seen as more financially conservative.
  • Now, even those with good habits struggle: essentials (housing, insurance, transportation) surpass incomes.
  • "Among Gen Z, it's something like over half of them are either living with their parents or living with some other family member or they're living with a group of friends... they can't afford to make it on their own and that's not their fault." (EJ Antoni, 22:17)
• Historical Comparison:
  • Current rates of young adults living at home are the highest since the Great Depression.

VI. Comparing Generations: Is Today Harder Than Before?

• Cost of Living Metrics:
  • Homeownership costs have doubled compared to just a few years ago; inflation outpaces wage growth.
  • Past generations had higher interest rates but lower ratios of home price to salary, making affordability better.
  • "The bare necessities here have gotten astronomically expensive." (EJ Antoni, 25:44)
• Political Impact:
  • Economic stress is pushing young people towards political extremes, favoring candidates who acknowledge the severity of the crisis.

VII. Immigration’s Impact on Housing and Economics

• Explosive Housing Demand:
  • Over 10 million immigrants in recent years have significantly increased demand for housing, raising prices and aggravating supply issues.
  • "When you import the population of New Jersey... don't tell me that's not going to have an effect on home prices. It most certainly will." (EJ Antoni, 27:09)
• Public Services and Economics:
  • Immigrants’ use of public services strains resources further, and deportations would reduce both demand (lowering prices) and government costs.
  • "[Immigrants] are not all here working. And removing them removes all of the demand that they've been placing on... public services." (EJ Antoni, 33:30)

VIII. Are Things Improving? The State of Inflation and the 2026 Midterms

• Has Inflation Improved?
  • There has been some progress: prices aren’t rising as quickly, energy and certain food prices are down, and deregulation/tax cuts are expected to help.
  • "At the end of the day, we have made some progress. I don't think we've made enough progress though. There's a lot more to be done." (EJ Antoni, 31:47)
• Midterm Predictions:
  • Optimism that economic relief (from immigration enforcement, deregulation, energy policy) will be visible by the 2026 elections.
  • "I think [the economy] is going to be in a different place heading into the midterms." (EJ Antoni, 32:36)

Notable Quotes & Memorable Moments

• "The monthly mortgage payment on a median price home literally doubled under the Biden administration." (EJ Antoni, 04:44)
• "If you're fighting with your partner... and like someone's like, 'oh, like, calm down'... telling them, like, 'you're fine, calm down,' is just going to enrage voters." (Lisa Boothe, 08:25)
• “Every time the economy started to sober up... they just gave it another shot of whiskey, another shot of spending to try to keep the buzz going, as it were.” (EJ Antoni, 12:18)
• "People want to feel heard and understood and that they’re struggling." (Lisa Booth, 08:28)
• "Over $10 trillion that have been promised in investment in the coming years. That’s huge." (EJ Antoni, 19:32)
• "Among Gen Z, it’s something like over half... can’t afford to make it on their own and that’s not their fault." (EJ Antoni, 23:15)
• "When you import the population of New Jersey... don't tell me that's not going to have an effect on home prices." (EJ Antoni, 27:09)

Important Timestamps

• [02:35] Introduction of affordability crisis theme
• [04:44] Differentiating messaging vs. real economic suffering
• [06:44] Impact of lower gas and energy prices
• [09:00] Why relief is not instant for Americans
• [12:14] “Bidenomics as alcoholism” analogy
• [17:37] Tariffs, “ownership” of economic disruption
• [20:59] Discussion on generational financial struggles
• [24:08] Are things harder for Gen Z than prior generations?
• [27:00] Immigration’s impact on housing supply and demand
• [30:54] Has inflation actually improved?
• [32:36] Economic outlook ahead of 2026 midterms

Summary & Takeaways

The episode gives a sobering yet clear-eyed look at the intersection of economics and politics in today’s America. Lisa Boothe and EJ Antoni place the current affordability crisis at the center of election-year arguments, providing practical insight, colorful analogies, and trenchant criticism of messaging on both sides. They stress that while some improvements have been made under Trump’s new term—especially regarding energy and inflation—real, everyday pressure on Americans is still substantial and will require more time and further policy intervention to resolve. Immigration, generational challenges, and the need for authentic communication are emphasized as key variables in the road ahead.