Port strike to rock economy, Main Street
SMBC chief economist Joe Lavorgna discusses the consequences of an extended ports shutdown on ‘The Big Money Show.’
Over 45,000 dock workers up and down the eastern seaboard are on strike. The International Longshoremen’s Association (ILA) and the U.S. Maritime Alliance (USMX) that represents port employers are at an impasse in negotiations over the union’s demands for compensation and protection from automation. The union’s current six-year contract expired Monday.
Experts and economists are warning that the strike could upend the economy causing shortages for goods, food, medicines and other everyday items.
FOX Business runs down everything you need to know about the port crisis and how it may impact you.
NO DEAL: dockworkers are now striking and speaking out about what they want…continue reading here.
President Biden has the authority to intervene, but it’s unlikely he will…continue reading here.
VIDEO: Calls grow for President Biden to intervene. Meanwhile, Commerce Secretary Gina Raimondo isn’t getting involved…continue reading here.
BLAME GAME: In an exclusive interview with FOX Business, former President Trump says President Biden and Vice President Harris can thank themselves for the strike…continue reading here.
GROCERY NIGHTMARE: Just as inflation was easing, shoppers, many of whom are already stockpiling, are likely going to pay up for certain items…continue reading here.
VIDEO: Produce, normally plentiful, may be hard to get, says importer.
UNHAPPY HOLIDAYS: Depending on the length of the strike, holiday items as well as luxury goods may not make it in time…continue reading here.
FARMERS FURIOUS: U.S. ranchers and farmers are already dealing with an industry in decline and a port strike would be another slap in the face…continue reading here.
HEALTH CRISIS? Your prescription as well as critical medications may be held up if a strike persists…continue reading here.
COSTLY FOR U.S. ECONOMY: A strike will cost America billions each day according to analysis by JPMorgan, and the potential of using West Coast ports in an emergency work around isn’t that easy…continue reading here.
VIDEO: Why Federal Reserve Bank of Chicago President Austan Goolsbee is worried about the strike.
AUTOMATION STICKING POINT: Dockworkers have alot to say about automation, which is one of the main points holding up a new contract….…continue reading here.
BY THE NUMBERS: These ports up and down the Eastern seaboard may see the biggest impact…continue reading here.
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