Posted on 09/20/2022 3:12:25 AM PDT by EBH
The US economy is in the middle of an unusual “stagflation” period and lacks enough workers to meet spiking demand because of the Biden administration’s policies, FedEx founder and chairman Fred Smith said.
Smith delivered his grim view of the economy after stocks tanked on FedEx CEO Raj Subramaniam’s warning of a looming “worldwide recession.” The FedEx chairman blamed government programs that poured money into an overheated economy for sapping demand from the labor market.
“We’re sort of in a stagnation, stagflation period, because you have this tremendous demand, but we’re still one percentage point, in terms of lower labor participation rates today, than we were before the pandemic,” Smith said during an appearance on Fox Business Network last Friday.
“At the same time, you simply do not have the workers to meet the demand that’s been juiced by the printing of this money,” Smith added. “It’s exactly like sitting in your car and putting your foot on the accelerator and the brake at the same time.”
(Excerpt) Read more at nypost.com ...
Things are about to get a lot worse.
[Things are about to get a lot worse.]
Be sure and vote Democrat for more of the same!!
“Spiking demand”? Yeah, right. Walmart is cancelling orders left and right, and he says is “demand is spiking”.
The BabyBoomers were the largest, best educated, highest skilled generation in history (World Wide).
Now they are leaving the workplace. And, only the US, France, Sweden, New Zealand and Turkey had replacement kids. Everyone else is falling off the Demographic cliff like Japan did a decade ago.
Always remember the Government caused this ..we could have been like Sweden with no lockdowns and now the lowest excess mortality rate. Coinkydink?
In the words of Ronaldus Maximus, government IS the problem... except this time it’s intentional.
There is no labor shortage, that’s horse crap.. There’s a shortage of workers because the government is paying them more money to stay home then they can make working...
Recession will go to stagflation then ultimately to depression.
Recession. Check.
Stagflation. Check.
Depression. ?
Your post is about a year out of date. Who is still getting paid by the government to stay home?
Does that mean "low skill" labor shortage?
No such thing in the USA.
It just means that business owners and executives are unwilling to pay a market clearing wage - or - they are unwilling to make the necessary investments in expert software and labor saving devices.
"High skill" labor shortage?
Adjusted for inflation - average compensation for USA software engineers has not increased since Congress approved a massive increase in the H1B quota in 1999.
Not only do the “workers” make more money staying home, but it’s also the drugs! A large number of the young folks are stoned out of their minds... :(
Jo Jo Brandon and his cult followers say this is a great economy.
The problem with the US is the misallocation of labor due to the education system fostering the idea that every kid must go to college (or be considered a failure). This is the elitist “Lake Wobegon” assessment that all of our children are above average.
Why work when you can put out your hand and fetch a government check?
If they would put a $5000 bounty on gang members in all the BIG RAT CITIES, they would actually defeat the recession in a few months.
Welfare recipients.
That sir, is the most accurate assessment I have seen of our current situation.
I can name you at least three in my family with worthless degrees and worthless lowpaying jobs.
FedEx Fred Smith is part of the problem. He supported Biden’s $1.2 trillion infrastructure bill. Now he’s gonna whine about government spending.
Most of those people would be unemployable even if every penny of welfare was eliminated.
Subramaniam didn't say anything about people getting paid by the government to stay home.
I was responding to Post #6.
I don’t believe there is a shortage of workers. I think we have a shortage of people who want to work. Start cutting some of these so-called social benefits and hunger will motivate people to get jobs.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.