Economic expert warns of 'silver tsunami:' New retirees could strain the labor market

The video discusses the current labor shortage in the US, highlighting that there are more job openings than unemployed individuals. Factors contributing to this include pandemic aid, low migration, and a decline in women in the workforce. The retirement of baby boomers, termed the 'silver tsunami,' exacerbates the issue. Solutions proposed include promoting trade jobs, hiring immigrants, and using technology like AI. The shortage may lead to higher wages and increased prices for consumers.

What is the current gap between job openings and unemployed individuals in the US?

• 1 million

• 4 million

• 2 million

• 3 million

Which factor is NOT mentioned as a reason for the labor shortage?

• High legal migration

• People living on savings

• Retirement of baby boomers

• Decrease in women workforce

What term is used to describe the wave of retiring baby boomers?

• Golden wave

• Platinum surge

• Bronze flood

• Silver tsunami

Which of the following is suggested as a solution to the labor shortage?

• Eliminating robotics

• Decreasing trade jobs

• Increasing legal migration

• Reducing college graduates

What might companies need to do to attract workers if the labor shortage continues?

• Decrease working hours

• Offer larger wages

• Reduce job openings

• Offer lower wages