[fireman15]

We don't have a labor shortage. We have a surplus of labor.

Obviously, circumstances are different where you live. Fast food places are paying close to $20 an hour for unskilled people in our area. Last week we went to the KFC entered the drive through lane behind another car and when they were done we waited for a couple minutes at the ordering speaker. I finally drove up to the window and realized that no one was making food or could be seen inside.

I asked the manager a couple days later what had happened. He said that they have not been able to keep the restaurant open because they do not have people willing to work. He begged me to send anyone we knew who wanted a job to the restaurant and gave me his card as well. But he added that they only were allowed to hire people who had been vaccinated.

We have a government created labor shortage.

[kabar]

We have a government created labor shortage.

I agree with that. COVID policies and programs make it more profitable to stay home and collect government benefits. But our problem is more long term than that. Here are a couple of interesting charts showing the labor participation rates for 25-64 year olds and those over 65 by country. The US has a fairly low rate compared to other countries for the 25-64 year olds, but a much higher 65 and over participation rates. IMO this can be explained by more generous social welfare systems in these other countries.

For 25-64 years old, we have a rate of 77.2% compared to the UK with 82.6% or Canada with 80.9%, or Germany with 84.4% or Japan with 85.6.

For those over 65, the US has 19.4% rate compared to the UK with 10.7%, Canada with 13.8%, Germany 7.4%, and Japan with 25.5%. The Japanese have an older population coupled with being among the countries with the highest life expediencies. Americans have not saved enough to live on SS alone. For 50% of Americans over 62 SS is their lone source of income.