Posted on 09/20/2022 3:12:25 AM PDT by EBH
The US economy is in the middle of an unusual “stagflation” period and lacks enough workers to meet spiking demand because of the Biden administration’s policies, FedEx founder and chairman Fred Smith said.
Smith delivered his grim view of the economy after stocks tanked on FedEx CEO Raj Subramaniam’s warning of a looming “worldwide recession.” The FedEx chairman blamed government programs that poured money into an overheated economy for sapping demand from the labor market.
“We’re sort of in a stagnation, stagflation period, because you have this tremendous demand, but we’re still one percentage point, in terms of lower labor participation rates today, than we were before the pandemic,” Smith said during an appearance on Fox Business Network last Friday.
“At the same time, you simply do not have the workers to meet the demand that’s been juiced by the printing of this money,” Smith added. “It’s exactly like sitting in your car and putting your foot on the accelerator and the brake at the same time.”
(Excerpt) Read more at nypost.com ...
“..The Baby Boomers were the largest, best educated, highest skilled generation in history (World Wide)...”
Yep...and my wife and I are part of em.
I worked as a consultant to the oil/gas drilling industry during the Eagle Ford shale fracking boom in south Texas back over 10 years ago. Worked dawn till dusk just about everyday 7 days/week on end.
My federal income tax liability was fast approaching 6 figures in 2012 even with the business deductions, and I was working my tail off to make those dollars too...had absolutely no life to speak of other than my work.
About everyday, I drove by a place where there were certain elements of society that refused to work (jobs were available everywhere at the time), but instead, sat on the bank of a river fishing and drinking beer all day.
I was constantly saying to myself: “I bought the bait, the beer, etc. for these azzclowns to sit there all day and do nothing.” Finally, made enough and had my belly full of the BS so I just outright “retired’. My federal tax liability went to almost nil.
I still get calls to go to west Texas to assist, but I refuse to go...life’s too short and the tax hassles make it just not worth it. My wife and I live a simple life now...and our relationship is the better for it.
fedex is trying to blame “the economy” for woes they created by dumping amazon as a customer in 2019 and then appointing Raj Subramaniam as CEO, who proceeded to destroy the decades of fedex delivery perfection ... last couple of years, fedex as been by far the least reliable way to ship things ... my inbound shipments have been consistently late, along with ridiculously inaccurate and frozen tracking information ...
Another cause of stagnation: declining labor productivity, which, in turn, is due to low skilled immigration, declining educational standards, and quota based hiring.
Also at fault: the left’s war on energy production and consumption.
Exactly.🤔
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.