If a shortage genuinely existed, you would see substantial wage growth.
We don't have such wage growth.
Actually we'd have growth in compensation (wages + benefits). And we do, in fact, have that growth: https://fred.stlouisfed.org/series/COMPRNFB
We don't have such wage growth.
Actually we'd have growth in compensation (wages + benefits). And we do, in fact, have that growth: https://fred.stlouisfed.org/series/COMPRNFB
The fact there is a consistent 50+ year trendline of compensation growth is simply caused by a combination of productivity gains and inflation.
You'd see a 5%+ jump in a single year if a legitimate shortage existed.
https://www.bls.gov/lpc/prodybar.htm
2007-2015 : +1.3% (nonfarm productivity gains)
2007-2015 : +1.8% (manufacturing productivity gains)
2007-2015 : +1.2% (total compensation)
Notice how similar these numbers are? That is a sign of normal compensation growth.