This idiom or expression means:

Nothing can be done.

When someone says “We’re dead in the water,” they mean something like “There’s nothing we can do.”

Gossip.

This idiom or expression has to do with:

Surviving.
Trying to stay in business.
Trying not to fail in difficult times.
Saving, or trying to save, oneself.
Saving, or trying to save, one’s business.

A. You wanna join us on our trip? You need a vacation, you know.
B. How can I go on vacation?! I’m barely able to keep my head above the water!

Like minded people find each other.