The Pandemic is One Reason for High Job Vacancies
Last evening's PBS Newshour aired a story about why there are so many unfilled job openings, leaving unemployment at 50+ year lows. It focused on working-age people dropping out of the workforce. As for why they are doing so, it gave a list that included some of the usual suspects. First, there is a hollowing-out of the labor market. Mid-tier jobs—ones that had attractive salaries and benefits, including retirement—continue to be replaced by automation. This means there are a lot of low-tier jobs that are not attractive to workers and high-tier jobs they are not qualified for. Another factor cited was the large number of people with felony convictions, a result of our incarceration-happy culture. Yet another was government benefits, particularly disability payments. But the not-usual suspect was the COVID-19 pandemic. For one thing, the pandemic outright killed 217,978 people of working age , and most of those people occupied jobs. But that's not all. Julia Pol...