Exactly! If there is a real shortage, you see wage growth, and without increased productivity, a reduction in profits, and thus the “precious” stock market takes a short term hit as they pay more wages. I really think it’s a mistake of this administration to focus so much on the Dow Jones. Wages vs cost of living are better measures.
Wages cannot support the inflated US housing market much longer IMHO. I hope I see the residential housing market collapse in my lifetime. WE DESERVE IT.