In the same bad situation; sharing the same problem or difficulty.

Ever since this saying was first used by ancient Greeks, people have known that all passengers in the same boat, from a sailboat to an ocean liner, share the same possible risks. Over the centuries, the meaning of the expression came to include all people in similar, unpleasant circumstances on land, on sea or in the air.

With the economy the way it is, all of us are in the same boat.

With the economy the way it is, all of us are in the same boat. (From the "Dictionary of Idioms," Marvin Terban, Scholastic Inc., publisher, 1996)