How is that working right now?

We have Capitalism, not a free market economy. The elite has regulated some industries like medicine or weapons and is making disproportional profits which gives them money to buy politicians.

Let the companies cut jobs. The fewer workers in an industry the better. We went from 99% farmers to 3% which allows us to have our civilisation.

We don't have 100% employment because of regulations. That greatly reduces negotiation power of the workers. If there is a shortage of jobs, use Keynes to create them.