Again, it's something of a global issue, even if the reasons for the labor shortages differ. After booting out Polish guest workers who drove trucks as part of Brexit, England is now begging those same drivers to return—temporarily.

For some strange reason, they are reluctant to go back across the English Channel for just a few months. In America, young people read predictions, possibly dubious ones, arguing that most trucks will be driverless in two decades and understandably decide to look elsewhere.

Then there is the issue of more unexpected surprises. When the U.S. economy was reopening back in the spring, very few economists at the Fed, on Wall Street or elsewhere were anticipating the widespread supply-chain problems that are driving up gas prices and leaving store shelves empty today.

The pandemic may be mostly in the rearview mirror, but that doesn't mean it doesn't have a few more curveballs left to throw.

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