Definitely illustrate why that first point might hold water, but doesn't actually show that the gains offset the losses.

Bell_curve

One is that gains and losses are very unevenly distributed, so most people can be worse off but enough others can be sufficiently better off to more than balance it out.

Another one I'm thinking about is that people may be feeling a lack of optionality. Maybe people can afford their current lifestyles on their current salaries, but can't find better jobs or afford to change their lifestyle. In other words, the negative sentiment comes from feeling stuck.

econ

The ‘boomcession’: Why Americans Feel Left Behind by a Growing Economy

Cje95

There are lots of possible explanations.

One is that gains and losses are very unevenly distributed, so most people can be worse off but enough others can be sufficiently better off to more than balance it out.

Another one I'm thinking about is that people may be feeling a lack of optionality. Maybe people can afford their current lifestyles on their current salaries, but can't find better jobs or afford to change their lifestyle. In other words, the negative sentiment comes from feeling stuck.