The recent increased wages of unskilled or semi-skilled labor, due to worker shortages and companies having to pay more, will keep manufacturing jobs offshore. Even when companies can afford to pay the higher wages, they can't find enough workers. At this point, they can't even find enough workers to offload the ships from foreign made goods, much less finding workers to actually make those goods in the USA. There are 80.000 truck driver jobs open in the US, according to a CNBC report today.Of course, manufacturing jobs are not coming back to the US. They never were. But what does that have to do with the subject of labor shortage, which was the topic at hand?
IMO, the benefits of higher pay for lower paid workers is going to end up being illusory, because these people generally have fewer assets like homes or investments that appreciate in value, and everything like rents, food (even including fast-food) is going to cost them more so that it will eat up their higher wages. Meanwhile, those who are asset rich and who own homes and investments will see their net worth keep up with inflation and probably more. Not to mention all the retired people on fixed incomes who are going to suffer financially from inflation.