The Trucking Bubble Has Burst
Booms and busts in the trucking industry have been around since 1980
It was hard to escape the narrative, during the COVID-19 pandemic, that there was a severe shortage of truck drivers who could move goods from one place to another. In reality, the trucking industry has a retention problem, and has often struggled to find enough people to work a grueling job for low pay.
But there are big downsides to the narrative that America does not have enough truckers, and they are becoming evident today. Demand for truck drivers has plummeted in the last year, and tens of thousands of drivers who entered the profession thinking it was a surefire way to earn a living are ending up deep in debt with no work.
"The shortage is just something the big companies make up," said Jacqueline Jolly, who entered trucking alongside her husband as their work in the construction industry slowed to a stop in early 2020. By late 2022, they were homeless and scrambling to pay off bills.
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