Well, “cost of living” is typically defined as what a typical consumer spends on food, fuel, housing, clothing, etc. Mike Mliken’s point was the prices of some of those are down.
I guess if words have no meaning - or, as in this case - quite specific economic meaning, “cost of living” could indeed mean anything - the color of the sky, Jupiter’s moons or a gallon of gas.
But we’re not talking here about someone who does the shopping, nor sits down at the kitchen table to figure which bills can get paid this month or has to worry if he can afford rent/mortgage when he’s seeking housing for his family - and this is the junk bond king after all, he’s used to selling crapola.
At any rate, the guy’s astonishingly out of touch with the realities of average Jane & John Does.