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That’s life vs This is the life

that’s life —(also: such is life) that’s the way things happen (said with the implication that unpleasant events occur occasionally):

  • It’s a pity Colin and Rowena got divorced, but then that’s life!

this is the life—(exclam.) used as an admiring comment on a comfortable, enjoyable, and carefree existence:

  • A sandy beach, plenty of hot sun, lots of nice people! This is the life!