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There is similar inflation here in Mexico but the wages rise with it so it's not a big deal from a wage perspective. (Still fucks your savings, but that's a different story.) A big part of the "labor shortage" in the US is that the rapidly rising total taxation rate, which includes inflation, fees, and obligatory insurance purchases, has pushed many marginal businesses into the red, and a lot of businesses were marginal. To pay more they'd have to raise prices but raising prices will hurt sales enough to bankrupt the company because people are too poor to pay those prices, even with higher wages, because the government is sucking up so much money at every step of the process.