There are other jobs that are not software development. I don't think a fed chairman has "no data". Many companies are not trying to hire software developers at

There are other jobs that are not software development. I don't think a fed chairman has "no data". Many companies are not trying to hire software developers at $150k. They're trying to hire truck drivers, warehouse workers, and accountants. At the minimum possible market wage. What he is saying is that if you raise your wage off "bare minimum possible" you may actually fill some open jobs. I agree, talent isn't infinite, but, workforce participation rates are low and part of that is that for a given job there are those qualified to do it that won't do it for the prices on offer. There are also those who would be highly qualified and would switch into different jobs if the salaries were competitive.