It sounds like Cowen knows exactly what needs to happen to reduce the malaise of "quiet quitting" - show workers that their earnings can/will grow to account for inflation and whatever productivity increases they show, and since morale is already broken from COVID, it is on the employers to trigger the virtuous cycle. Unfortunately, it seems like telling the employers what they want to hear - "keep the beatings coming until the morale improves" - is the only thing he is willing to say.