There is a labor shortage which will keep wages high, and the workers being better paid will keep spending, so there won’t be much of a recession. A recession without high unemployment is not a recession, even if inflation will hurt business. The possibility of western countries needing to expand their armed forces and increase defense production will make the labor shortage worse. The only to resolve the labor shortage is to go back in time and convince those of child-bearing age in the second half of the 20th century to have more children, or to significantly increase immigration; the former requires repealing laws of physics and the latter may prove unpopular especially among workers who enjoy high wages.
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