Cost of living isn't going up. The value of our money is going down, and real wages are stagnant. Technology is, at it has always been, deflationary, but we see none of those benefits.
Basically, the typical process of getting iterative raises has become fighting to tread water. Saving cash or cash-derived assets is somewhat meaningless because you're guaranteed a future where the savings buy a fraction of what they do when you put it away.
No. The cost of living IS going up. Corporations bought a huge chunk of the housing stock and have been fixing the prices and squeezing renters. Everything else you said is still true, though.
Basically, the typical process of getting iterative raises has become fighting to tread water. Saving cash or cash-derived assets is somewhat meaningless because you're guaranteed a future where the savings buy a fraction of what they do when you put it away.