So a huge pandemic has been raging through the world for almost 2 years now, massively reconfiguring the world in so many ways. lockdowns, deaths, fear, government subsidies, cheap money, GME and unions, several global mindshift changes e.g of how crucial low wage jobs are or how short life is. But the bean counters are confused about why “labor supply” is low. hmmmm
Or maybe they aren’t confused, they're worried.
> More broadly, the participation rate has generally underperformed in economies with large increases in household liquidity. The most notable case in point is Chile, where the participation rate declined by 5pp as fiscal support and pension withdrawals flooded households with liquidity.
“if people have money they might not work at jobs”. jobs that have systematically trained them over decades to expect a paycheck but nothing else, not loyalty or satisfaction or upward mobility or any semblance of agency. wow. fucking clueless.
Or maybe they aren’t confused, they're worried.
> More broadly, the participation rate has generally underperformed in economies with large increases in household liquidity. The most notable case in point is Chile, where the participation rate declined by 5pp as fiscal support and pension withdrawals flooded households with liquidity.
“if people have money they might not work at jobs”. jobs that have systematically trained them over decades to expect a paycheck but nothing else, not loyalty or satisfaction or upward mobility or any semblance of agency. wow. fucking clueless.