What to do about America's "labor shortage?" Easy. Pay people more.

Why the solutions offered by the Fed and by corporate economists are dead wrong

Friends,

So often over the years I’ve found that when a public problem is wrongly described, the solutions posited turn out to be irrelevant or inhumane.

A current example: America’s so-called “labor shortage.”

Jerome Powell, the Federal Reserve chair, says the United States has a “structural labor shortage” that’s unlikely to be resolved anytime soon. Th…