Start with this piece: In 2022, “Things Aren’t Gonna Get Done” On An Absolutely Massive Scale, by Michael Snyder
Are we about to witness one of the greatest self-inflicted economic wounds in history? Vaccine mandate deadlines are starting to arrive, and large numbers of very qualified people are losing their jobs as a result.
This, while we are already suffering from a massive labor shortage. Businesses all over America are desperate for workers (and anyone driving down any main-street or involved in any business knows this). But the workers should be out there:
The number of Americans that are currently working is still about five million less than the peak that was hit just before the pandemic arrived.
Five million gone, in less than two years. And it isn’t like you could just pull someone off of the street to fly the airplane that no longer has a pilot due to jab status.
In New York, 26,000 municipal workers have said no to the jab, 26 fire companies shut down, trash is piling up in Brooklyn. Supermarkets are planning for continuing product shortages by expanding storage space and curbing discounts.
Then there is this Tucker Carlson opening monologue: An America in Decline: Supply chain disruptions. Some short-hand notes from his comments:
Hospitals are asking patients to check closets for used metal crutches and other equipment to donate or return to the hospital – because they can’t get any.
Shortages of Thanksgiving turkeys, pet food, diapers, frozen food, bottles for wine, single serve packages of ketchup, bread, potato chips, toilet paper, paper for books, computer chips for cars, lumber.
Container ships stuck outside of port, lack of truckers, cost of shipping containers up 330%, trucking costs up 23% - not including fuel. Gas prices up from about $2.00 to $3.30 per gallon in one year – in a country with more energy than it can consume.
Adhesive, appliances, copper, drywall, electrical equipment, fabricated metals, furniture, HVAC equipment, lumber, PVC, steel – all “delayed,” meaning not enough available.
Meat, poultry, fish, eggs – more than 10% higher than last year.
Labor participation rate way down; walkouts due to jab mandates. “You can’t run a company without these people – they are the ones who know how to do things.” Cancelled flights continuing.
“Here we are at the end of October. Think ahead a little bit. What’s this going to look like in six weeks when the entire United States decides to get on an airplane to visit families for the holidays?”
I will address Carlson’s closing point, as I don’t think he is thinking broadly enough – and neither is Snyder; the issue isn’t a Christmas issue or a 2022 issue…but before coming to this, to address why we are where we are – the most immediate or proximate cause.
It seems to me the simplest answer is the best answer: starting in March 2020, supply was drastically constrained while demand was drastically goosed. There was a time last year that something over 40 million Americans had filed first-time unemployment. Tens of millions of formerly productive workers, sent home to not produce anything.
But, not to worry: they were handed a few thousand dollars – while the Fed added $4 trillion to its balance sheet, the federal government added uncountable trillions in spending, and multi-billionaires saw net worth skyrocket.
So, supply was constrained – tens of millions of workers no longer producing; demand was goosed – uncountable trillions in new spending and bank assets. To think this would have no impact on longer-term supply chains and prices was folly.
And now, on top of this: no jab, no job. And it looks like millions will take (or have already taken) the no job option.
But this is more than a Christmas problem or a 2022 problem. I am wondering what America will look like in twenty or thirty years – assuming no life-ending man-made catastrophe like nuclear war, mass injections, etc.