“If that was true, there would be a spike in the wage rates for engineers, scientists, and other STEM workers. The truth is that those wage rates have been flat for well over a decade “
I work in engineering. I know for a fact that there are more applicants than openings.
I live in the world of the defense industry. The industry has seen a price adjustment driven by two factors: the government overpaid during the expansion of defense spending during the Iraq and Afghanistan wars, and defense spending has seen significant cuts in existing and new contracts over the past three years. A massive correction has been the result and wage rates are lower in most defense markets, especially engineering services. This trend will continue according to DoD’s budget estimates.
That is a fact well understood by everyone in this industry. Pure BS would be a term most likely to be used by someone not familiar with this particular piece of the economy.