Larry Summers says the nation's labor shortage is even worse than it looks and is likely to add 'significantly to inflationary pressure in the United States...
Larry Summers says the nation’s labor shortage is even worse than it looks and is likely to add “significantly to inflationary pressure in the United States for some time to come.”
In a new paper, Summers said the official 4% unemployment rate is probably too high and understates just how few people are available for work. Until very recently, economists assumed millions of people who left or were fired from jobs at the start of the pandemic would eventually return to work and alleviate the shortage. An additional 3 million to to 5 million people would likely be working now had there been no pandemic at all, estimates suggest.
Immigration restrictions: 1.4 million workers. Immigration fell sharply in 2020 and 2021 due to the pandemic and related restrictions imposed to contain the crisis.
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