I and many people who have small pensions and depend on interest from savings to balance our budgets aren't getting interest on savings. Thus, we have to deplete savings to balance the budget. To stretch those savings, people spend less.
The same is true for people over 50 (or so) who are concerned about having enough savings for retirement. The only way to grow those savings is to spend less, save more.
If you think the economy is bad now, what's going to happen then most of the population retires into poverty?
OK, but you don't really have any right to have an expectation of high interest rates for your savings. When you save money you are basically a lender. If nobody is out there clamoring to borrow your money, then you aren't going to get much interest on it.
In any environment (high-interest or low-interest), there are always some people who will do well and others who will not. This doesn't mean that anyone is being "screwed."