The Coming Labor Shortage Is Not Good News
The tight labor market post-COVID-19 recovery poses challenges despite economic gains. Economist Adam Ozimek stresses nuanced approaches to worker shortages, wages, and long-term economic health, emphasizing lessons from past recessions.
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The article discusses the potential challenges arising from a tight labor market following the COVID-19 recovery. While the economy saw significant gains and increased worker power, there are concerns about overlooking issues related to an aging workforce. The conversation with economist Adam Ozimek highlights the complexities of balancing worker shortages, wage increases, and long-term economic health. Ozimek emphasizes the need for a nuanced approach to understanding the economy beyond just labor market tightness. The discussion also touches on the impact of past economic crises, the importance of the prime-age employment rate, and the lessons learned from policy responses to previous recessions. The narrative explores how policymakers have shifted towards more stimulative economic policies post-COVID-19, aiming to address shortcomings observed during the Great Recession. Overall, the conversation delves into the intricacies of labor market dynamics, wage setting during shortages, and the broader implications of workforce demographics on economic stability.
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6 commentsWhat is this person talking about?
How else are we supposed to make real wage gains?
* Ozimec does mention this, contrary to the hed
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