Quote:
Originally Posted by Exhibitman
The 1970s are not an appropriate analog for the present. The nature of the inflation is entirely different. Then, it was pressure caused by manipulated fuel prices (OPEC) that affected every sector of the economy and a hugely expensive war combined with expanded social programs. Today, it is transitory gaps in the global supply chain due to the pandemic combined with early retirements (a recent study found that 90% of the workers who quit and haven't come back are over 55 and retired early, and that of the retirees, only a third as many as normal came back, primarily due to workplace health concerns).
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I'm a supply chain manager and it is fairly well known in the field that this problem is particularly acute in the trucking industry, which wasn't really keeping up with retirements prior to the pandemic. I have heard anecdotally that the same thing is happening with longshoremen, which is contributing to backups at major ports like Long Beach and cascading effects back through the maritime cargo industry which was already strained.
PS Yes, I know I am getting way off topic, but my wife really doesn't care to listen to me talk about this stuff and sometimes you just need to get it out of your system. Blame her, not me.
PPS. Since every thread needs a card.
