They misattribute monetary policy that bids up home and asset values using cheap debt and facilitates massive bailouts with federal government policy. The CPI doesnt include asset prices so cheap debt can flood into asset prices without slowing down the devaluation of their salary, it also does subjective inflation deductions to goods based on perceived quality changes, and excludes much of the shrinkflation thats happens to goods and service quality.

Something as basic like getting support for a flight is now talking to a chatbot with perpetually larger than expected call volume, you pay extra for seating, you pay extra for baggage; and your seat is so small now you also may as well be standing. Free range chickens used to just be called chicken, and eggs could be eaten uncooked since they werent swimming in ecoli, but according to the CPI you’re significantly better off now; so the nominal value of a boomers house is now worth significantly more due to all this perceived wealth.