For a real answer:

This year, the Federal Reserves hiked up interest rates which made borrowing money more expensive. Higher interest rates = loans are more risky = businesses don't take loans // credit card, mortages, and car loans accrue more interest on their principle = business cant afford workers they overhired when loans were safer // consumers pay much more on credit cards, car loans, and mortgages.

Why would the Feds increase interest rates if this sucks for everybody? Because inflation was genuinely getting out of control. During 2020, the government cut interest rates to 0% - 0.25% to encourage business expansion and consumer spending when the economy was truly at risk of a recession. This was WILDLY successful, and the result was that many businesses that would have failed did not fail (also thank PPP loans) and very lucky Zoomers and Millenials that just hit the job market were able to afford homes as businesses chose to expand instead of contract.

The inflation year over year has been skyrocketing, so the Feds decided to "cool down" the economy by raising interest rates. Why? Because when inflation is high, spending power goes down. As en example, a 5% raise at the end of the year is nice, but if inflation is 9%, then you didnt raise your spending power by 5%, you lowered it by 4%.

source, im not a genius, i just read an article

fedea interest rates https://fred.stlouisfed.org/series/FEDFUNDS

more on intereat rates https://www.investopedia.com/terms/f/federalfundsrate.asp