Yeah, that's the core. Politicians love to claim "the economy is good!"... but if the people see it in their daily lives that almost none of that supposed "good" makes it into their pockets, there will be problems. People aren't stupid ffs.

Many people got raises after the inflation shock... but rent hikes ate that up, prices for food and staples didn't go down despite fuel/energy prices going low, and many people didn't get raises at all or (especially in the tech sector) got laid off entirely.