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Old 05-12-2021, 08:47 AM   #1
Seaplane Pilot
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How did we get into this mess?
Who made the stupid decisions to get us into this inflation.

Maybe someone can provide answers.
That is an excellent question.
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Old 05-12-2021, 10:10 AM   #2
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always find it interesting but not surprising that many economist will find a study that will support their ideology ( Paul Krugman is an example) . There are a record number of job opening over 8m right now. As SAMIAM said kitchen help can make 15 per hour working or 15 per hour not . Most people will make the logical decision . Business will have to make the rational decision which the VK did that is close for dinner. They know their customers and raising prices by a lot will drive customers away. By the way I am a graduate economist( certainly not bragging ) and very few economist have ever had to manage a payroll.
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it's tough to make predictions specially about the future
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Old 05-12-2021, 10:41 AM   #3
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Seeing all the help wanted signs everywhere I go, I read through this thread with interest. Something that no-one addresses is the fact that there are fewer teenagers and young adults today than there were in yesteryear. I worked until recently at a large university in Boston, and they started planning for the drop in college aged people back in the late 90's. Schools that depend on a large applicant pool noticed that the birthrate had begun to fall, and that they would need to strategize to remain competitive in the future. We just got confirmation of this fact in the 2020 census.

I don't know what this means for business owners who depend on the teenage/young adult labor force, but it's a definite factor.

For the people who like to speak of grazing at the public trough, etc., it seems that a large part of the labor shortage (though not entirely) is for seasonal workers. Those people are not getting unemployment.
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Old 05-12-2021, 11:02 AM   #4
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always find it interesting but not surprising that many economist will find a study that will support their ideology ( Paul Krugman is an example) . There are a record number of job opening over 8m right now. As SAMIAM said kitchen help can make 15 per hour working or 15 per hour not . Most people will make the logical decision . Business will have to make the rational decision which the VK did that is close for dinner. They know their customers and raising prices by a lot will drive customers away. By the way I am a graduate economist( certainly not bragging ) and very few economist have ever had to manage a payroll.
One thing that economists on both sides of the aisle have pushed for over the past 5 years has been higher bargaining power for working class Americans. Trump's immigration policies, Biden's covid relief, and stated objectives of both, have all included policies that put direct upward pressure on domestic wages. Setting aside whether this is a good thing or a bad thing in general, no economist should be surprised that Sam is having a tough time hiring this year (or next...)
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