How Money Works Strikes Just Shut Down America's Most Important Ports... WTF Happens Now? (Never mind it’s over) | How Money Works
Strikes Just Shut Down America's Most Important Ports... WTF Happens Now? (Never mind it’s over)
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At midnight on Monday this week, 45,000 dock workers, operating 36 ports across America walked off the job as part of their union’s first strike since 1977.
These ports handle TRILLIONS of dollars’ worth of trade every year and are an essential bottleneck in global supply chains.
This will affect everything from the fight with inflation, to manufacturing jobs, to just your ability to buy some junk off Temu… oh and I don’t know if you have noticed, but this is also happening right before an election…
The accusation has been made that this is just an opportunistic money grab directed at the most vulnerable part of the economy, made by workers who are already earning MUCH more than the national average…
So why are these workers striking? … and what happens now that they are?
The Union is asking for the standard renegotiation of pay and conditions, but the Maritime Alliance is arguing that their demands have gone too far… and… I can’t believe I am going to say this… but… they might have a point…
According to a the associated press the union’s demands are a 77% increase in pay across all workers to be implemented over the next six years, and a COMPLETE ban on automation which could replace workers jobs…
The union is arguing that despite these earning the pay increase is not unreasonable considering this is just an opening offer which is already being negotiated AND it’s meant to be incremental across six years which means their pay will “only” increase by about 9% year to year…
Union workers believe they are in a fight for the future of their jobs and the ports are desperately trying to catch up with other global rivals, and it’s unclear how either of them are going to back down from their non-negotiable positions…
So, it’s time to learn How Money Works, to find out what shutting down a crucial supply channel means… for everybody else in the world.
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