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.
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.