One pushback is that for most people, their financial asset situation is better off because of higher housing and auto values (per SCF), but that wealth is awkward, e.g. they can't sell it into a high cost market without having to replace it in a high cost one. (Liquid assets still higher though.)

For older folks, retirement plans still beaten up. Markets higher this year but there is still 10% to go for SPX and 15ish for Nasdaq. People who were in the hot Covid stocks are off more than that.