The ONLY Way to Fix the Labor Shortage
Andy Snyder|March 9, 2023
Let’s see if this is the column that finally gets us canceled…
We’ve said a lot of things in these pages. We’ve mucked up the go-to talking points – the stuff we’re supposed to say. And we’ve shown that the truth often doesn’t match the narrative.
And today, oh my are we going against the grain.
Many readers will disagree. Some will be furious. And we’re positive at least a few won’t return to see what we dare to say next.
But the few open-minded folks who hear us out and stick around… well, we’re convinced they’ll be in for a grand reward.
As we’re sure you’ve heard, Jay Powell was grilled by Congress on Tuesday. The vote-feeders (that’s like a bottom-feeder, but worse) asked all sorts of questions, on subjects ranging from climate change to crypto antics.
One sour spot, of course, was the peculiarities we’re seeing in the jobs market.
There are simply too many jobs and not enough workers. It’s fueling inflation. And Powell seems helpless to fix it.
There are now two job openings for every able-bodied worker.
Most Americans won’t like the economically sound answer to the problem. The polls and the political rhetoric prove it.
But if we want to fix our nation’s labor shortage, we must open our borders.
Open your mind just a crack… and let us explain.
Study after study shows that migrant workers bring in more than they take out. Get this… Immigrants are 80% more likely to start a business than native-born Americans.
That’s a key statistic.
We bet you’ve never heard it.
The truth is, if migrant workers came to the U.S. and behaved just like the average American worker, there’d be no economic change. There’d be more demand but also proportionately more workers.
But because immigrants tend to be quite entrepreneurial, they create more than they use.
In other words, if you’re complaining that you don’t have enough money or that things are too expensive… a closed border is your real enemy.
The facts are clear. Bringing folks in from outside our borders is one of the surest ways to fix the problem.
Bad Today, Worse Tomorrow
Clearly the problem in the United States right now isn’t that outsiders are taking our jobs. That talking point is flat-out wrong.
Instead, the jobs we are losing are being shipped overseas… because there aren’t enough workers here and wages are too high. An increase in the labor supply would fix both problems.
In fact, for those yearning for the good ‘ol days, we urge you to look back to the heyday of American manufacturing… the postwar era. That’s when our boys came back home eager to work and filled all our factories once again.
Demand was strong… and good labor was easy to find.
From 1950 to 2000, America’s labor force grew by an average of 1.6% per year. Much of that growth came early on in that period.
Without any changes, that figure is expected to shrink to just 0.6% over the next half century.
In other words, if you don’t like what you see today… you definitely won’t like what you’ll see tomorrow.
We buck the political trend. Perhaps it’s because we put our Christian standards above our political views. But people come before borders… way before.
We can debate all day about where these immigrants come from and how they get here. That’s not our point.
Our point is that America is in for a world of hurt unless we open our eyes, our hearts and our borders.
The nation can either shrink its economy to match its labor pool… or expand its labor pool to match its great economy.
Right now, we’re doing the former.
And that’s no good.
For all of us to succeed, Lady Liberty must shine her light bright and far.
Andy Snyder is an American author, investor and serial entrepreneur. He cut his teeth at an esteemed financial firm with nearly $100 billion in assets under management. Andy and his ideas have been featured on Fox News, on countless radio stations, and in numerous print and online outlets. He’s been a keynote speaker and panelist at events all over the world, from four-star ballrooms to Capitol hearing rooms.