Pandemic burnout, regulatory pressures, so-called process improvements in hospitals, patient demand, and other factors are driving many physicians in their 50s and 60s into early retirement or to seek other opportunities in pharma, biotech, etc. The Association of American Medical Colleges forecasts a physician shortage ranging somewhere between 37,800 to 124,000, particularly in primary care, by 2034.
Major sectors of the economy are not finding the workers they need. Shortfalls in pilots, truck drivers, clinicians, trade and construction workers, farmers and many others professions were forecasted long before COVID, but the early exit of many workers was accelerated by the pandemic. Early retirements, population aging, and burnout explains much of the accelerated labor market shift. However, the coming shortfall is about more than pandemic burnout and is not as simple as too few workers.
Unfortunately, as the Millennials age, the first have already turned 40 years old, they may find many of the services, products, and experiences, once provided primarily by Boomers and older Gen X’ers, will be greatly disrupted. That disruption is in the next few years, not necessarily decades away.There is upskilling, reskilling, or encouraging people to consider multiple careers in a life time to respond to labor gaps.
We have a generation of workers that we’re so over paid compared to the rest of the country, that they’ve all been able to retire mid life, now we have major shortages & wages that are struggling to keep up with hyperinflation! This is the “you will own nothing and be happy” plan
Some good news. That every illegal the Biden Admin is allowing to cross our boarder right now, except for the terror cells, drug cartel and gang members; nearly every single one of them is pro-life and Christian.
Shortages usually happen because too many companies want something for nothing. They only wish to hire experienced people and aren't willing to train people.
Training costs are too high