bet88 How the Dockworkers’ Strike Could Ripple Through the Economy
As dockworkers at East and Gulf Coast ports walk off the job, economists are bracing for the strike to reverberate across the American economy.
The strike, a result of a monthslong impasse between the union representing roughly 45,000 longshoremen and port operators, began on Tuesday. It will halt almost all activity at some of the busiest ports in the United States, from Maine to Texas. The International Longshoremen’s Association is pushing for wage increases that exceed those offered by the United States Maritime Alliance, the port operators group.
Videotranscript
Port Workers Go on StrikeThe president of the International Longshoremen’s Association said the workers were “making history” by walking off the job for the first time in nearly 50 years.“I.L.A.! I.L.A.!” “You’re making history here because we’re doing one thing. We are fighting for our families and we are fighting for the rights so that we have a right to get a piece of that money that they got so much of. And we’re going to do it. We’re going to walk away with a great contract. God bless us all.” “I.L.A.!” “All the way!” “I.L.A.!” “All the way!”
The president of the International Longshoremen’s Association said the workers were “making history” by walking off the job for the first time in nearly 50 years.CreditCredit...Bryan Anselm for The New York TimesPresident Biden said on Sunday that he was not planning to invoke the Taft-Hartley Act, a nearly 80-year-old law, to force dockworkers back to work if they strike.
A strike could cost the economy $4.5 billion to $7.5 billion, or a 0.1 percent hit to U.S. annualized gross domestic product, every week as truckers and other workers dependent on the ports are furloughed and manufacturers experience delivery delays, according to analysts at Oxford Economics. While those losses would be reversed once the strike was over, it would take a month to clear the backlog for each week of the strike, the analysts estimated.
Here’s what else to know about the potential economic fallout of the strike.
ImageA strike could cost the economy $4.5 billion to $7.5 billion for every week of the work stoppage.Credit...Erin Schaff/The New York TimesWe are having trouble retrieving the article content.
Please enable JavaScript in your browser settings.
Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.
Thank you for your patience while we verify access.
Already a subscriber? Log in.
Want all of The Times? Subscribe.bet88