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If it's easier today to inaccurately broadcast doom, then that is an indication that life got objectively worse in one respect.This is just conveniently redefining what most people mean when they talk about objective factors.
I tend to agree that this ability to broadcast doom is an explanatory factor and it makes life worse, but to claim this is an objective explanatory factor is problematic I think, at least without drawing a distinction between this factor and those traditionally considered "objective".
But setting aside arguments about semantics, I think the deep seated stigmas around mental health that have only recently started to fade are a huge factor in the language we use to describe these issues, and I would argue seem to influence many people's perception of the importance of "subjective" factors (i.e. they deprioritize these factors or think they are not as "real" as objective factors).
People tend to think of issues that impact mental health as somehow less objective, because mental health is itself subjective. While it's objectively true that if I do not have enough money to buy food and don't find some other way to acquire it, I will die, it is not objectively true that two people experiencing the same social media environment will be impacted by it the same way, and yet this is an experience that can also lead to death.
But even if we accept that subjective factors are the primary issue, we can still trace those back to objective causes, it's just that we cannot use the same mental models of understanding "objective quality of life". We could find that social media is objectively the cause of degraded mental health (and studies are confirming this), but the impact itself is still subjective, unlike traditional economic indicators.
In other words, subjective experience could be just as critical to understand and explore as objective factors, and that subjectivity does not in any way reduce the importance or validity of such exploration.