Purchasing power has only been getting worse from generation to generation, and thus being able to make any savings is already a distant dream for most. Younger people just keep working more for less, to s point now where mostworking people can't put even a single dollar aside.
I see this as relative because part of the narrative comes from the propaganda of the (mainstream) left-wing media that sells people the victim mentality.
It is true that the purchasing power for some basic goods, such as buying a house, has been reduced for the majority of the population. But today's population generally enjoys many more goods and services than 40 years ago. Starting with the cell phone we all carry in our pockets, continuing with cheap clothes and ending with cheap travel. Forty years ago travel was a luxury that only the rich could afford and today working people have gone to the other side of the globe on a trip.
Besides that today there are more opportunities to earn money, even in the form of extra income, comfortably from home, and you have an example here in the forum with the signature campaigns.
So it is relative. For me only one part of the story is true.
If you compare it with 40 years ago, what rich people do now cannot be done by people at lower levels, for example eating expensive food, when rich people eat lunch maybe more than 50$ for one meal, while in other places people earn 50$. $ for one month of work?
I mean times may have advanced and changed but that level still exists.