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Layoffs Won’t Solve This Inflation Problem
At this point, it's tempting to ignore the never-ending reports of job cuts across the world's largest economy.
After all, they've yet to manifest in nationwide employment aggregates, which continue to suggest the US labor market is woefully short on workers, not jobs. Jobs are generally plentiful, which presumably goes a long way towards explaining why job cuts haven't led to higher jobless claims, let alone weakness in monthly nonfarm payrolls.
If you want a job, you can probably find one, e
I have commented on immigration here on more than one occasion. In SoCal, immigrants regularly work in construction, home repair, services, food services, agriculture, gardening, and home elderly and child care. Cut-off that supply of labor, and you will have those jobs and others go unfilled. That means higher wages, inflation, and perhaps limited potential growth in those sectors.
Republican voters have an older demographic, no? Most older people would like to age at home rather than in a facility. I wonder how long they will remain resolutely opposed to immigration when they face a bill of $50 per hour for 24/7 care??
Perhaps we’ll see the silver vote win out.
The heck with home care, full care in a nursing home averages about $9k/mo. At $50/hour we looking at $36k/mo.