It’s January 2024, do you know where your labor is? The State of Utah doesn’t seem to know but it has some good ideas. From KSLRadio:
What feels like chronic employee shortages is actually the result of the demographic shift that happened a long time ago.
“This is the end result of a declining population rate that began in the 1970’s,” Jeanfreau explained. “Family planning was introduced to the market and people were able to not have kids if they didn’t want to. Now, years later, people born in that time period should be entering the job market, and they are, just not as many as the economy is used to.”
It’s a mismatch of an older population and not enough workers coming in behind them.
“When somebody retires, they continue to consume, but their productivity drops off,” Jeanfreau said. “That imbalance grows over time as our average age rises.
Source: KSLRadio.com
That quote in bold is something we’ve been saying here for years and we’re happy to see the problem is starting to get the attention it needs. We are projecting about 80 million people on social security by the year 2030 consuming but not participating in the labor force expecting the remaining labor force to provide all the goods and services they have become accustomed to over the years.
This problem isn’t unique to Utah, it is happening in most of the world from Japan, Thailand, South Korea, Russia, Denmark, Costa Rica, and even Israel wants Palestinian workers back despite being in the middle of a war! These are just a few of the reports on labor shortages but there is plenty of them for every United States state and most countries around the world.
Lost in all of the labor shortage panic however is the prospect to earn some profits and that’s what we are doing every day so stay tuned, stay profitable and stay solvent…