It's impossible to take this argument seriously when Americans are out there buying more junk than ever, from eggs to bass boats. Household debt service ratios are as low as they've ever been, significantly lower than the Trump years. Americans can very demonstrably afford these things, which is expected because their earnings are way up, more than prices are up.

This article and the source material from the Economist argue that what really happened is Republicans negatively polarized themselves against the economy, and will just say anything in surveys. https://www.econlib.org/why-so-sad/