By Craig Erwin, Ph.D.
It has been almost two years since Covid-19 first hit us like a sledgehammer. It is estimated that 987,456 more people than expected have perished since early 2020 (mostly due to the pandemic). Covid-19 has killed the same percentage of the population as World War II, but in less time. Migration has fallen in recent years, as well. All of this has resulted in a U.S. population that is barely growing. It grew by just .1% in 2021, the slowest U.S. population growth since the 1700’s.
The pandemic has taken a big toll on the U.S. population. What are the implications of having so many deaths and a population that is barely growing? Obviously, millions are grieving lost loved ones. Employers are finding it very challenging to fill vacancies and they are going to great lengths to retain employees because they are so difficult to replace. Desperate employers are driving inflation higher by offering higher wages, bonuses, and incentives to attract and retain workers. It doesn’t look like the situation will change soon, so expect employers to continue to pull out all the stops to hire and retain workers. You can also expect inflation to cause headaches for the foreseeable future. No wonder the Federal Reserve is concerned.
Is your employer struggling to hire and retain employees? Are you noticing lots of “Help Wanted” signs in businesses you frequent? Are prices for the goods you buy rising rapidly?
For more information on population growth, inflation, immigration, and employers, click on the links below: