One of the significant complications these days is that, unlike 50 years ago, employers are often on the cusp of replacing human labour with machine labour. Unfortunately, the higher the entry level pay scale becomes, the greater the incentive to replace human with machines, AI, IOT, etc.

Supply chain deficiencies are also having an impact. I may want to hire more workers but if I cannot get raw materials for manufacturing, or finished goods to sell I need fewer employees. For these reasons, recovery in the labour markets post-COVID will be more uneven than normal with extreme variation sector to sector.

One example? Getting a job as a long haul truck driver today is much easier than it was a couple of years ago. But... in a few years when trucks are driving themselves that demand will evaporate quickly. Poof! Another career path disappears before our eyes.

We must begin to think differently about how labour markets work and how income and wealth is generated/distributed throughout society. Otherwise, in another decade the problems will have propelled society into chaos.