Supply Side economics effectively destroyed the U.S. labor market, now featuring a surfeit of low paying part-time McJobs. Labor participation rates are at generational lows across EVERY demographic. Which is a function of jobs and careers being serially terminated long before retirement, over and over again. This was attended by the rise of the underground subsistence economy, as the long-term unemployed abandoned the formal workplace.
Now of course, employers are complaining that they can't find workers with the right skills. There is a colossal pool of long-term unemployed workers who are mismatched with today's skill requirements. Worse yet, those who attempt to make their way back into the job market are often considered "over-qualified" to take a humbling step down in position, since many were in managerial roles previously. Employers won't hire them because they assume the new hires won't stay in their jobs very long before seeking a better one.
The solution is clearly more immigration. It's worked great so far.
"The economy has "bumped against the proverbial labor wall," David Rosenberg, chief economist and strategist at Gluskin Sheff, said in his morning note Thursday. "Inflation pressures will intensify and the Fed will be forced to act more aggressively"
Only sheer ignorance and arrogance prevents today's thought dealers from comprehending what is happening to capital markets in real-time. Everything they've believed for decades is now burning in effigy.