No, other factors are involved.
The study found that much of the pickup in participation had come from Americans with some college education or less, as the labor market has tightened and employers have relaxed hiring requirements in order to find workers.
Too many are/were asking for scholastic levels beyond that required many times only for bragging rights - "All our personnel are college graduates", etc.. (personal experience)
It is supply and demand. Same with bacon. I don’t think I should have to pay more the $2.00 a pound for it. $2.00 is a fair price to me. But I cant get any so their is something wrong? Is there a bacon shortage? No it is what the market price is $5.00 per pound. Labor is the same. Get used to the idea.