The young corporate types seem to have quit because they felt it was a good time to try something new. Maybe travel. Some of them were let go when companies downsized and they haven't felt compelled to go back to work. They may have also realized that they were good enough to get a job in an entry level position, but lack the necessary skills to get an intermediate job. Also, being let go from a job does not work well on a resume or in the next interview. It can be a difficult situation.

The people in the service and healthcare industries who didn't lose their jobs right away, have found that it is too expensive to keep working. The wages have not gone up enough to offset the rent and cost of living prices. When you are working at a place with half of the staff there is more burden placed upon you to keep a restaurant or nursing home running. You didn't get much of a raise but you were doing twice the work. With the added stress and your bank account getting smaller despite the hard work, many people stop working. Many of them move home to live with relatives to escape the unmanageable cost of living.

There seem to be other economic issues. Housing and construction now only caters to the wealthy because building materials are in a massive shortage. There is a high demand for their skills, but many of the people who need their help cannot afford it.

The economy is completely derailed. You can't entirely pin it on one person either. I guess I would first blame the Chinese who let the virus out of their lab. I blame Trump for juicing the economy in his final months but it's understandable. Biden did the same but then tried to pass a ridiculous multi-trillion dollar spending bill that was dead on arrival. I blame the Fed for keeping interest rates artificially low when housing demand was already spiking. The FED's purpose was supposedly to counter situations like this. Instead, they exacerbated it. Now, they will raise interest rates and make it even worse. I blame our politicians for allowing Banks and hedge funds to buy single-family properties at an increasing rate, while allowing them to borrow at just over 1% when we have to borrow at 3%-4%.

It no longer makes sense for many people to work because they will lose more money by living in a place where there are jobs available to them. Many people will ride out the storm when they can actually get ahead again. And that's part of why we're not getting ahead.