How to Identify a Labor Shortage (Hint: It’s Probably Bullshit)

A little while ago, I saw a news story about the major pilot shortage now facing the airline industry. No, it wasn’t a tasteless (and premature) MH370 joke. It was a serious argument advanced by straight-faced industry representatives at a Congressional hearing. According to these experts, a wave of pilots recruited decades ago is now retiring, and airline routes are simultaneously expanding, making it impossible to fill all the cockpits. The punchline, which you probably see coming, is that they want Congress to relax some “burdensome” regulations to make it easier for the industry to hire more pilots.

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