‘The most vulnerable we’ve ever been’ — Ford CEO warns blue-collar worker shortage could hit your wallet next Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
What will happen if America faces a massive shortage of skilled blue-collar workers to hire?
According to Jim Farley, Ford Motor Company’s CEO, it’s a problem that could wreak havoc on household budgets. “We are in a really vulnerable place — I would argue the most vulnerable we’ve ever been,” he said during a recent bonus episode of his DRIVE with Jim Farley podcast (1). Top Picks – – – The IRS usually taxes gold as a collectible — but this little-known strategy lets you hold physical bullion tax-free. Get your free guide from Priority Gold Farley went on to explain that the economy is entering dangerous territory as industries struggle to find enough electricians, plumbers, factory workers and construction crews to keep the country running.
If Farley’s right, the consequences could spread far beyond the automaker’s factories. Why the labor shortage matters to everyday Americans Farley refers to individuals who build homes, maintain infrastructure, manufacture products and keep supply chains going as the “essential economy.” He argues that without an abundance of these workers, there will be severe consequences. “Problems in this vital sector impact all of us with higher costs, longer wait times and fewer opportunities,” Farley said. Those higher costs could show up everywhere, from home repairs and car maintenance to grocery prices.