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The Great Resignation Is Coming To An End
There’s no government magic to save it
In March, 4.5 million people quit their jobs, amounting to an annualized total of 54 million, exceeding 2021’s total of 47 million people who gave their bosses the middle finger in the midst of the most significant labor crunch in generations.
Multiple theories abound for why this trend took hold. Some claim that post-pandemic fatigue plus low wages sent folks past their breaking point. Others say that stimulus money tickled our laziness gene or bought us breathing room to reflect on what we wanted out of life. A friend who owns a restaurant laments that customers have become major-league assholes and that working in the service industry has become untenable, even for well-paid positions.
Whatever the myriad of reasons, the era of worker power will rapidly close, shifting power back to employers in the months ahead, and here’s why.
We’re bleeding cash.
As inflation reduces our purchasing power, more of us turn to credit card debt to bridge the shortfall. According to the latest FED report, revolving credit increased by 21% year over year.
As if that weren’t alarming enough, the cost of carrying that debt will further strain our wallets as interest rates soar to curb…
