There is some truth to that. However, for those of us who only have moderate debt, the cost of living has seriously soared in the past three years. Gas has nearly doubled, which increases food prices. Housing is cheap, if you (l)own a house (low interest rates). But rent is increasing.
I've worked for two companies since I've graduated. The first company gave me a raise the first year. The economy was bad, the company owner projected a bad year = no raises and some people got fired. We ended up in the black and doing well, with the company owner projecting a good year. But still no raises. I left for another company with $15k increase. The company I went to is a consulting company that sent me to a healthcare shop. That healthcare shop hasn't given any substantial raises in several years.
My point is, people are not getting raises, but cost of living is greatly increasing. Our current government overhauled the health provider industry, which is causing a lot of uncertainty about future costs. Add to that they keep threatening to raise taxes on the "top 1%". This causes everyone from small businesses (that fall into that top 1% category, because they are taxed as individuals) to corporations (that have to get a handle on new taxes and government run health insurance). EVERYONE is saving where they can.