Are you claiming that there are a large number of qualified applicants that are currently unemployed because there are no openings paying as much as they believe they are worth?

Or are you saying that if they paid more, already employed applicants would jump from another company, leaving a job opening at their current company? If this is the case, it still means that there are fewer qualified candidates then openings, and no amount of raising pay will (in the short term of ~4 years) mean there are enough qualified candidates.