My baseless feeling is that the middle class that is present is not keeping up with inflation right now. Even those that bought a house say 10 years ago and got decent 'value'. I think salary growth is happening at the bottom. That's where the labor shortage is huge. People just won't work for $12/hr in my area like they did in 2019. They'd want $18 now. And you have to pay if you own a business that employees this income bracket of employee's. And, they're not happy about pretty much anything. r/antiwork is a place you see a lot of this sentiment.
People in the middle. They haven't quite received that 50% raise the so now they're effectively much closer to the bag boy at the grocery store purchasing power. Yes, it's pretty awful for society and just getting started. It is demotivating and my thought is it's probably a contributing factor to why productivity is down.