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Yes. It's been associated with many negative mental health effects. Quick examples, but you can find a lot of studies on it. [0][1]

I have to be very mindful that what people post on FB are the fun times, the vacations, etc.

Most people don't post about the drudgery of every day life - work, kids, rinse repeat.

It's easy to think everyone else has a more exciting life than I have.