Is it just me, or does it feel like America is running out of everything?
I visited CVS last week to pick up some at-home COVID-19 tests. They’d been sold out for a week, an employee told me. So I asked about paper towels. “We’re out of those too,” he said. “Try Walgreens.” I drove to a Walgreens that had paper towels. But when I asked a pharmacist to fill some very common prescriptions, he told me the store had run out. “Try the Target up the road,” he suggested. Target’s pharmacy had the meds, but its front area was alarmingly barren, like the canned-food section of a grocery store one hour before a hurricane makes landfall.
This is the economy now. One-hour errands are now multi-hour odysseys. Next-day deliveries are becoming day-after-next deliveries. That car part you need? It’ll take an extra week, sorry. The book you were looking for? Come back in November. The baby crib you bought? Make it December. Eyeing a new home-improvement job that requires several construction workers? Haha, pray for 2022.
The U.S. economy isn’t yet experiencing a downturn akin to the 1970s period of stagflation. This is something different, and quite strange. Americans are settling into a new phase of the pandemic economy, in which GDP is growing but we’re also suffering from a dearth of a shocking array of things—test kits, car parts, semiconductors, ships, shipping containers, workers. This is the Everything Shortage.
The Everything Shortage is not the result of one big bottleneck in, say, Vietnamese factories or the American trucking industry. We are running low on supplies of all kinds due to a veritable hydra of bottlenecks.
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