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The Federal Reserve is reassuring us daily that  inflation is temporary, but allow me to assure you that  wage inflation is just getting started and will accelerate rapidly. As I noted yesterday, the Fed can create currency out of thin and funnel it to financiers, but the Fed can’t create experienced, motivated workers out of thin air or entrepreneurs with the chops to launch and sustain real-world enterprises. Let’s start with a funny little thing called  competition, which has been pushing wages down for the past 50 years. Globalization means  you’re competing with every other worker on the planet for jobs in tradable goods and services, and mass immigration and relatively high birth rates means there have been more potential workers than secure jobs.

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