Yes, inflation took a toll on those people. That cannot be undone and was a world wide event and in the US was caused by teamwork of both the parties handing out money like candy during COVID.
Would you rather that bout of inflation be followed by high UE and a recession or would you rather it be followed by what we see today? If you look at all the economic metrics, minus inflation, what we are seeing now is just as good if not better than during the "best economy in history" under the previous admin
The people that are suffering are those that rely on SS and maybe a fixed pension. I was just listening to a podcast this morning while walking my dog and he made the statement that if you retire with just a fixed pension and SS, the best year of your retirement is the first year, and every year after that will get worse.
Those that are retired that have market investments are loving life right now.