That doesn't make sense to me. Overall, the economy is strong, jobs are plentiful, incomes are increasing, and the stock market is hitting new records almost every month -- my portfolio is up a good 20% over where it was 5 years ago, and I am a very conservative investor. If your savings are dying on the vine, you need to re-evaluate your investments.
Above normal inflation is the only lingering issue, but it is not so bad that people should need to use credit to buy necessities, like groceries, if they are shopping wisely. Perhaps we have different ideas of what "necessities" are? There are signs of improvement, but I think it is going to be sometime in 2025 before inflation is completely back to normal.
For political reasons, there are some groups of people who want us to think the economy is in shambles, but they promote "alternative facts" when the real facts don't suit their goals. The real facts say the economy is in pretty good shape, overall.
BTW, I graduated from college in 1983, during the Reagan Recession -- 8.3% unemployment (compared to 3.9% now). It took me about a year working in a camera store before I scored a really good job. I bought my first home in 1986, and my mortgage interest rate was 8.25%, which is two percent higher than current mortgage interest rates where I live. Then there was the "Great Recession" that started in 2007. That one was a doozy.
I'll take the current economy over those two any time.
CD