I fail to understand why any business should pay more than market rate for anything. I get that you want the market rate to be higher, but I have yet to ever have encountered a business that completely disregards market rate and just blows their wad on the first employee they hire.
It seems like the market rate for labor is going up, but the businesses are failing to deal with that reality.
How do you figure this? If businesses were not paying more the market rate would not be going up.
I believe we're currently at 5.8% unemployment for May 2021, down from around 15% during the pandemic.
Yes. Those are the options. The .001% is really cleaning house while smaller businesses are dying. And no way Amazon is going to absorb the cost, so all of this will just end wiping out the earnings and savings of most people while nobody's purchasing power increases.
If you are willing to pay $2/gallon for gasoline in June 2021, you are likely to have difficulty operating a car. Note that does not mean there is a gasoline shortage.