It's been like 5 years now of low consumer sentiment and increasing consumer debt while people who don't feel it are flabbergasted, the top line CPI number is fine, why aren't people happy?
You're missing the point, rest is included in that top line low inflation number.
> the top line CPI number is fine, why aren't people happy?
secular stagnation? Cultural malaise? Expectations formed by ZIRP.