The Economic Upheaval Has Just Begun
Commentary
This weekend, a good man who owns a landscaping business came up to the microphone during a question and answer period following my speech at an event. He posed a simple but sincere question. He has endless demands for his services. He has all the capital he needs. He has a thriving business with a bright future. How come he cannot get workers to actually do the work? Why is this happening?
My answer was correct if probably too abstract. The labor markets are a mess. Vast millions are in professions in which they do not belong. They were drawn there by capital that flowed to sectors to which it should not have. This began in 2008 with zero interest rate policies. Those massively subsidized capital-goods producing industries and boosted speculation in information and professional technological sectors….