This seems like a reasonable take on the situation. I've personally always wondered about the relative cost of "under-employment" (allowing wages to go much low

This seems like a reasonable take on the situation. I've personally always wondered about the relative cost of "under-employment" (allowing wages to go much lower) vs. "partial re-employment" (time and effort needed for retraining to other high-paying jobs, moving to those jobs, and some % of people who are physically/mentally unable to make that transition).