President Donald Trump has dismissed the matter of “affordability” as a hoax, but voters consistently name the cost of living as the matter most likely to affect their votes next year, even as inflation has slowed since Trump took office. Unfortunately for those voters, the Democratic Party contrasts itself to Trump only with policies that subsidize demand without expanding supply, a formula that has made life more expensive and will continue to do so.

Democrats have had the most success attacking Trump over the Obamacare subsidies that expire at the end of this month. It is true that once the subsidies expire, many older, wealthier consumers will have to pay higher premiums for health insurance. But these subsidies do not lower costs in any real sense. By capping premiums and expanding eligibility, they weaken price discipline and inflate exchange spending. Just as importantly, they undercut employer coverage, especially for small firms and local governments, by making subsidized exchange plans cheaper than job-based insurance, encouraging employers to drop coverage and offload workers and retirees onto federally funded exchanges.