I do not buy that income / housing / cost of living related issues are not part of the story so much as I buy that they're very intertwined with inflation and labor costs. The other thing that this waves over that I think is very real is how the nature of employment has changed. Most people who have a job, and especially after things like Doge and endless layoff cycles, where everything is about psycho dark patterns, surveillance, and penny pinching, do not feel like their job assures anything. And this is on top of people who have complicated situations to begin with and often work multiple part time jobs or gig work.

Literally most everyone working I know basically thinks everything is always getting more expensive, that most wage gains were/have been less than how much costs have gone up, that housing is so expensive it might be worth moving to West Virginia, and that all it would take to ruin 20 years of work is an unexpected layoff or major life event like a medical issue, lawsuit, car or home issue. And that's non tech people mostly. Who also have increasing resentment for how scumbags and flim flam dealers seem to always be the ones getting ahead.