This is exactly what has happened during the pandemic. In 2015 if you paid $15/hour for entry level physical work you would get a lot of applications with some high quality applicants.

In 2021 you need to remove the weed drug testing provision and then hope that you will get applicants.

Printing 3T dollars and handing out 3k/month to everyone has caused the cost of labor to double or triple in some areas. In other words the way out of the social security insolvency is to reduce the quality of labor a dollar buys.

In 2040 you should expect to get 4k/month from social security and for that to cover your food and housing, but hiring a person to replace your gutters will cost $90/hour