https://archive.ph/2022.04.05-214356/https://www.economist.com/finance-and-economics/are-labour-markets-in-the-rich-world-too-tight/21808579
It is likely, therefore, that in America and elsewhere labour markets will have to be cooled the old-fashioned way: by central banks raising interest rates, making it a little more attractive to save than spend and thereby choking off demand for labour. The Fed has already raised rates by 0.25 percentage points, and is expected to raise them by a total of 2.5 points this year. America may well prove an example of what happens when policymakers respond to a labour market that has become dangerously hot.
A MILLION PEOPLE DIED
Yes. And this contracted the labor market, which is hurting investments.
So now we need to turn off the FREE MONEY spigot that powers the economy, liquidate a bunch of useful capital in a debt-collapse fire sale, and shrink the total number of jobs in the market to prevent anyone from organizing labor towards a productive end.
This may result in another million people dying and another tightening of the labor market. But that's ok, because we can always ratchet the interest rates a bit higher with no foreseeable negative consequences.