Connecting the Dots

In The Terminator films, we were told Skynet became self-aware at 2:14 am on August 4, 1997. Bad things followed.

If you’re an American worker, you probably have a new job, or you’re looking for a new job, or you at least want a new job. Pundits call all this shuffling “The Great Resignation.” The pandemic caused it, they say.

“Either/or” thinking is one of the great scourges of our time. We want to think every dilemma has a quick answer. This is rarely so.

You may have noticed your favorite restaurant is short on staff. The same in retail stores, hotels, and other service businesses.

You may not remember World War II, but you know broadly how it went. We’ve all seen the movies.

Remember when COVID-19 vaccines were going to bring “herd immunity?” Good times.

Last week brought some good economic news. The US economy, as measured by real Gross Domestic Product (GDP), is back where it was at the end of 2019, before the pandemic wreaked havoc on the next two quarters.

The official employment data is a bit confusing.

Let’s review some ancient history… as in six months ago.

I try not to blame economists for being wrong. I think most try to interpret the data fairly. It’s easy to miss (or misunderstand) important information.

The US Consumer Price Index is up 5% since May 2020, according to data released last week. This was the largest 12-month increase since 2008.

According to some business owners and Wall Street pundits, US employers can’t hire enough people because unemployment benefits are too high. We’re paying people not to work, they say.