The economy is definitely in reasonable shape right now. Actually the fact that goods are so low is proof that fewer and fewer people are resorting to gilbuying. The gilbuyers are the ones who spend freely at highly inflated prices; after all, to them the gil is free and doesn't require effort. If making 1M takes you a month, you're going to be a lot more careful how and why you spend it than if you spent $70 on IGE.
I agree, it does need to steady out. It's showing signs of doing that though. This economy is actually far easier for an up-and-coming farmer than it was a year or two ago. If you compare peak prices on most of the "in demand" items like Haubergeon or Scorpion Harness, it's actually easier to farm for them now than it was a year or two ago. You also have an added benefit -- prices are so low, a lot of older players just feel lazy and unmotivated about farming, so there's not as much competition. I don't routinely see half a dozen people camping Spipi all that often anymore.
Only two more points -- the first is that it *should be* hard to earn good items starting out. Nobody can afford all that fancy +1/+2 equipment on their first job if they're earning their gil honestly unless they're putting weeks into farming. It's the way the system is designed and it makes sense. This is compounded by the fact that most people level a ton of jobs early on. Lack of a decision on what job to level really hurts a lot of players financially. And don't even get me started on people who make the decision to level NIN or RNG as their first main; you might love them but you'd have to be insane to try and support them well without a lot of cash.
Second being, I am a high level player (well, by some standards - I am 75 BLM), yet I have absolutely no problems earning a living. That's without a ton of farming, without more than a sporadic, once every month or two KSNM, and without a HNM shell to speak of. All it takes now is being careful and putting a little thought into your spending.
Bottom line -- look at all your options, be willing to put the work in, and make sure you don't over-extend yourself. Some patience and the normal amount of luck and you'll do just fine =)