The Wall Street Journal had an excellent article written by Josh Mitchell on how millions of workers have left the labor force with no plans to return…ever. We encourage you to read the article but here is a key quote.
About three million workforce dropouts say they don’t plan to return to pre-Covid activities—whether that includes going to work, shopping in person or dining out—even after the pandemic ends, according to a monthly survey conducted over the past year by a team of researchers.
Wall Street Journal
We have been writing about the coming boomer labor force apocalypse for some time now. We know that by 2030, all boomers will be over the age of 65 and likely retire on social security, medicare and other retirement funds they have accumulated over their lifetime. Boomers will leave the workforce but they won’t leave consumption behind. We will have 60 million consumers but not 60 million workers to fill the demand gap.
The end result of will be higher wages to attract workers (inflation), lack of goods and services (more inflation), and high demand for basic essentials. The best thing to do is to prepare yourself financially for these events.
Stay tuned and stay solvent…