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I forgot to add I get health and dental coverage in addition to my roughly $21/hour pay. I have a friend who does snow removal/yard maintenance and he is making $25/hour. He however does not have dental or medical coverage like I do. With that in mind he and I are probably making roughly the same.
I would suggest yo take a look at medical/health insurance costs.
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What I hate about my job is there is no 401k. So essentially at age 40 right now I know I will be a wage slave for the next 30 years of my life, possibly. And my body (to say nothing about my mind with mental health issues) is already breaking down.
So, there's no company 401K? Cool, start your OWN Roth. It's better anyway. Just because your company doesn't provide, doesn't mean you can't provide one for yourself.
I would suggest yo take a look at medical/health insurance costs. So, there's no company 401K? Cool, start your OWN Roth. It's better anyway. Just because your company doesn't provide, doesn't mean you can't provide one for yourself.
I don't know about better since older folks normally got up to 50% in matching funds upfront in order to lure the lower wages to give up some lifestyle now in order to save for later. So that the higher wage earnings who had a good enough lifestyle now wouldn't be the only ones investing for the future.
This thread is crazy. I have only got through reading the first two pages and there is so much to process.
Am I the only one who thinks that down the road, the ramifications of this labor shortage is going to be more evident and this nation is going to be worse than ever?
Oh I agree. Every serious econometric model of macroeconomic growth shows that this nation would be better off than it otherwise would be if only we encouraged more immigration. Sadly, the politics of that prevent it.
to be clear i don't think there aren't people here to do the work. we have people here and they arent working. maybe these companies need to pay the people already here more money per hour?
There has been a substantial increase in household wealth during the pandemic. That's in aggregate, of course; and there are people who had a decrease just as there are people who had an increase. But in aggregate, it has been a substantial increase. And, predictably, the increase in household wealth has reduced the marginal propensity to work. Thus, it isn't merely about wages; it also is about wealth.
Increasing wages ought to increase labor participation rates - at least in theory. Some of those who left the labor force because of their increase in household wealth just might return. Many small businesses report that raising wages hasn't resulted in any increase in qualified applicants looking for jobs, regardless how much they offer (within reason). This isn't merely about hourly workers such as yourself. It also is about highly skilled occupations (engineers, scientists, physicians, chiropractors, physical therapists, tax accountants, tax lawyers, etc), middle-managers, directors, VPs and executives. There are labor shortages at all levels.
In my area the labor shortage is so bad that it is affecting operational sustainability.
Where I work we used to get 100-200 apps for ONE position. Now we struggle to get 10, many postings get less than 6 when they're open for a month+ and half are not qualified.
The businesses in my area cannot stay open, the managers & owners are basically doing everything. Some retailers, e.g. the Walgreens near me, simply said they are no longer open evenings or weekends. 8:30-5:30 M-F: it's the manager, one worker and one pharmacist running the whole store.
It appears to be a problem in all sectors but somewhat less acute in IT.
We are now 6+ months out from the "free money" spigots being turned off. Where the hell did everyone go?
There has been a substantial increase in household wealth during the pandemic. That's in aggregate, of course; and there are people who had a decrease just as there are people who had an increase. But in aggregate, it has been a substantial increase. And, predictably, the increase in household wealth has reduced the marginal propensity to work. Thus, it isn't merely about wages; it also is about wealth.
Increasing wages ought to increase labor participation rates - at least in theory. Some of those who left the labor force because of their increase in household wealth just might return. Many small businesses report that raising wages hasn't resulted in any increase in qualified applicants looking for jobs, regardless how much they offer (within reason). This isn't merely about hourly workers such as yourself. It also is about highly skilled occupations (engineers, scientists, physicians, chiropractors, physical therapists, tax accountants, tax lawyers, etc), middle-managers, directors, VPs and executives. There are labor shortages at all levels.
We are beginning to see the effects of immigration restriction before and during the pandemic crimp the supply of labor. Given the declining size of the native workforce especially after pandemic-related retirements, the drop in immigration was enough to tip the balance in favor of labor.
I also believe that the unprecedented number of households that own their homes free and clear and have adequate retirements, such that elderly parents can carry the costs of the property until they pass, explains where the missing workers went. There are millions of young workers for whom working is optional because they can live with their parents. It damages your social standing of course and will hurt your lifetime earnings, but for many their careers weren't going well enough to justify continued work.
Due to the safety net of mom and dad, many young workers can "lie flat" without unliveable consequences. The long-term labor shortage due to demographics also gives these workers an on-ramp to rejoin the workforce after upskilling or perhaps when wages rise enough to justify working to them.
I agree with others that there's a low-key general strike going on, and that it could drag on long past the stoppage of pandemic-related social support.
We are beginning to see the effects of immigration restriction before and during the pandemic crimp the supply of labor. Given the declining size of the native workforce especially after pandemic-related retirements, the drop in immigration was enough to tip the balance in favor of labor.
I also believe that the unprecedented number of households that own their homes free and clear and have adequate retirements, such that elderly parents can carry the costs of the property until they pass, explains where the missing workers went. There are millions of young workers for whom working is optional because they can live with their parents. It damages your social standing of course and will hurt your lifetime earnings, but for many their careers weren't going well enough to justify continued work.
Due to the safety net of mom and dad, many young workers can "lie flat" without unliveable consequences. The long-term labor shortage due to demographics also gives these workers an on-ramp to rejoin the workforce after upskilling or perhaps when wages rise enough to justify working to them.
I agree with others that there's a low-key general strike going on, and that it could drag on long past the stoppage of pandemic-related social support.
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