Unless something changes in the US demographics, you are right but you miss the real reason. It is very simple, without the influx of immigrants, the US population is shrinking. It's been going on for quite some time. The labor shortage thing pre-dates the COVID crisis. Ask any business owner trying to find staff pre-COVID.

Lots of things can be done (and should) to make it easier for those not in the workforce under 65 to get a job. Realize, not all jobs are going to be able to provide great satisfaction. Not everyone in the US is going to get a job that delivers high levels of satisfaction (read up on Maslow's hierarchy of needs).

It is not at all a good situation all around.