Where exactly is this 'tanking economy'? Yes, prices are higher than they were during the last year of Trump's administration (also during the global pandemic)... but let's look at the big picture. The U.S. has rebounded at a much faster rate than almost any other developed nation, and GDP growth has consistently surpassed expectations.
Unemployment remains low, hovering around 4%. While it's true that buying a home is more expensive due to higher interest rates, this also means homeowners have built significant equity, boosting household wealth. The stock market is at all-time-highs and has rebounded strongly since 2021/2022. So...those 401ks must be doing fairly well out there.
Inflation is gradually cooling thanks to balanced Fed rate adjustments. I admit, it was stubbornly high for too long, but no one knew the exact right answer during and after covid.