a shortage of jobs paying sufficient wages to attract workers to fill job openings.
For most Americans, real (inflation-adjusted) wages continue to drop. Wages have been increasing less than prices.
Those price increases include the costs of food, energy, rent, childcare, eldercare and transportation (cars, gas and public transit) – all big expenses for working people.
Meanwhile, the federal minimum wage continues to plummet. It hasn’t been raised in 13 years – the longest period without a raise in its history. Adjusted for inflation, its real value is the lowest it’s been in 66 years.
You don’t have to be a financial wizard to see why some workers might say the hell with it.
Economists offered similar warnings of a “labor shortage” after the financial crisis and recession of 2008-09. But when the economy strengthened and wages rose, the so-called “labor shortage” magically disappeared.