Economy A looming port strike could fuel inflation and cause layoffs the ILA is officially on strike

[Scheme]

No matter what metric you use, the result is still the same. Profit, wealth, difference with employee income, share of total growth, etc., etc., they all show the same thing: owners and the very rich are richer than ever.

The Fed - Distribution: Distribution of Household Wealth in the U.S. since 1989

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

The top 0.1% have gotten wealthier since 1989, but it shows the bottom 50% also have gotten much wealthier in the same time span (from 0.7% to 2.5% of total wealth). The main ones that have lost wealth is the top 10% excluding the top 1%. But they are still relatively wealthy.

 

[Possum Jenkins]

The Fed - Distribution: Distribution of Household Wealth in the U.S. since 1989

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

The top 0.1% have gotten wealthier since 1989, but it shows the bottom 50% also have gotten much wealthier in the same time span (from 0.7% to 2.5% of total wealth). The main ones that have lost wealth is the top 10% excluding the top 1%. But they are still relatively wealthy.

When I hover over 1990, the bottom 50% are at 3.3, then in 2024 they're at 2.5. They reached their lowest point around 2010 when they had 0.4 so you could say that strictly from the 2010-2024 period yes, the bottom have gotten wealthier but the overall trend shows that they've stayed the same.

And the top 10% excluding the top 1% (represented by the light teal square) have had slight ups and downs but really held steady between 34-40% throughout the entire period. The only group that has consistently grown is the top 0.1%

And in general, this period (1990-today) is still squarely within the neoliberal, unequal age. There have been tons of analyses going back to the entire 20th century and they show the clear accumulation of wealth at the top starting in the late 70s and early 80s.

 

[Islam Imamate]

And I'd add, I don't think my conclusion is far fetched. Opinion yes, but not remotely implausible. When we get to a point where robotics/machine learning starts wiping out entire sectors of employment, I don't think it's a hard conclusion to come to that technology is at that point eliminating more jobs than it's creating. To arrive at a different conclusion you'd have to believe that the ability to replace human labor will plateau or that we're going to keep creating more jobs than we replace which it seems based on the data is already not happening.

We may have to agree to disagree, which is fine.

Even if that is true I am still against resisting automation. In this case someone is earning more money from the increased productivity of automation so you tax them and then redistribute that money to the poor. More productivity from increasingly automated firms means more tax revenue for those cash transfers.

 

[nhbbear]

I hope they bring in tons of scabs and they lose their jobs if they want to cause more inflation and higher grocery bills, but then fuck the grocery industry as well. They’re as bad or worse than the gas industry raising prices to make sure their profits stay the same or increase while everyone else is hurting.

 

[deviake]

Even if that is true I am still against resisting automation. In this case someone is earning more money from the increased productivity of automation so you tax them and then redistribute that money to the poor. More productivity from increasingly automated firms means more tax revenue for those cash transfers.

I don't mean to say automation equals bad, I'm just saying don't be surprised at resistance to it by labor given our economic system.

 

[Islam Imamate]

I hope they bring in tons of scabs and they lose their jobs if they want to cause more inflation and higher grocery bills, but then fuck the grocery industry as well. They’re as bad or worse than the gas industry raising prices to make sure their profits stay the same or increase while everyone else is hurting.

Grocery companies operate on famously thin profit margins, less than 2%. Also gasoline is subsidized in the US and generally cheaper than in the rest of the developed world. If anything we should probably tax gas more but its politically very unpopular so its not something your average politician wants to advocate for.

I don't mean to say automation equals bad, I'm just saying don't be surprised at resistance to it by labor given our economic system.

I am not surprised, I too would like to be paid more to be less productive. I just don't think its a reasonable demand.

 

[deviake]

Grocery companies operate on famously thin profit margins, less than 2%. Also gasoline is subsidized in the US and generally cheaper than in the rest of the developed world. If anything we should probably tax gas more but its politically very unpopular so its not something your average politician wants to advocate for.

I am not surprised, I too would like to be paid more to be less productive. I just don't think its a reasonable demand.

I'm super pro being paid more to do less. Don't even like the 40 hour work week.

I think if these people are that important that they can cripple the entire US economy by not working for a few then maybe their demands should be met. Sounds like that industry has been making a killing, spread the wealth. Biden and Bernie seem to agree. How this pans out over time? Dunno. I tend to think automation can only be stalled, not stopped.

 

[emefer]

Grocery companies operate on famously thin profit margins, less than 2%.

I think he’s referring to food producers and not the grocery stores

Study finds market power drove pandemic food inflation | Food and Environment Reporting Network

On earnings calls last week, major food brands bragged about their ability to keep raising prices. Soda and snack giant PepsiCo told investors that it raised prices 16 percent last quarter, bringing in 18 percent more profit. Nestle announced a 10 percent price hike and Unilever said its food brands cost 13 percent more. In all these cases, higher prices helped food giants increase profits even as their sales decreased.

Food giants keep raising prices even though well-publicized cost pressures, like fuel costs, rising wages and supply chain disruptions, have largely subsided. On Tuesday, the Wall Street Journallanded on an explanation for persistent food inflation that many consumer groups and economists (including the Open Markets Institute) provided months ago: corporate greed.

 

[chardog]

Even if that is true I am still against resisting automation. In this case someone is earning more money from the increased productivity of automation so you tax them and then redistribute that money to the poor. More productivity from increasingly automated firms means more tax revenue for those cash transfers.

there are a number of things that are automated, and it's generally a nice thing
remote controls for tv means that you dont walk to the set and turn knobs
apps on your phone means that you dont need to call a taxi or talk to a human to place orders, repurchase the exact amount of supplies for a job, less mistakes

if you think about all of the automation devices we have right now, it's massive, and sure, jobs have been lost, maybe secretaries arent super necessary anymore, and they get repurposed as project managers, but I dont think they do much to diminish the workforce. If you look at mcdonalds and the fear of order terminals/apps, there's no evidence that they reduced staff, it simply enhanced customer experience. Instead of standing in longer lines, you can preorder before you get to the restaurant. someone still has to make the food, and instead of flipping the meat, there are rollers (another automation device), and that doesnt mean there isnt a worker, it just means that the worker has an easier job.

go to walmart or target and chances are, you've got one or two people looking after the self checkout, and instead of opening cashiers, they are now making sure that there arent any transaction issues, making sure there isnt theft, machines are working properly, etc..... didnt even reduce staff in those scenarios. Home depot doing the same, etc.

we are absolutely filled to the brim with automation devices, and it just makes life easier, the implication that it replaces humans is a bit of a half truth at best.

look at it this way. If I were to replace just 1 worker, I would need quite a few devices to make that happen, and now I have introduced many variables. I have many devices to maintain, I have costs involved purchase, I have to deal with life expectancies of each device, which WILL BE FAR LESS THAN HUMANS, I may need to deal with subscription services to maintain, I may have saved myself from paying one worker, but in the end, I might not, might end up having a person that maintains that equipment, check that it runs properly, report on broken pieces, replacement parts......... it's never as simple as "the robots are coming", we've been using robotics for decades, and it's been a slow quality of life improvement rather than replacement.

using a crane rather + operator just make more sense than a humans and pully, and that is an example of a partial automation device. We already have automation devices.

 

[Natural Order]

So like all leftists, you're leftist until you're inconvenienced and then suddenly you're hard right lmao.

You're just too tribal and too stupid to understand intelligent nuance. Rational thinking is too hard. Best just pick a pretend side.

 

[ColemanwastheGOAT]

You're just too tribal and too stupid to understand intelligent nuance. Rational thinking is too hard. Best just pick a pretend side.

A burger and fries is $20 now. $50 an hour isn't some crazy pie in the sky number. We are seeing borderline hyper inflation. Wages will need to raise significantly to keep up.

These guys aren't bagging groceries.

 

[deviake]

A burger and fries is $20 now. $50 an hour isn't some crazy pie in the sky number. We are seeing borderline hyper inflation. Wages will need to raise significantly to keep up.

These guys aren't bagging groceries.

Shit, UPS drivers make $40+ an hour once they've been driving a few years.

 

[ColemanwastheGOAT]

Shit, UPS drivers make $40+ an hour once they've been driving a few years.

The point is, these guys aren't really mad about the union's demands, they're mad that the strike is going to inconvenience them personally more than, say a teacher's strike. I imagine it's also going to be a factor in the election. That's what they're probably really panicking about.

 

[KAZSoliloquy]

So like all leftists, you're leftist until you're inconvenienced and then suddenly you're hard right lmao.

he's a liberal. not a leftist lol

 

[Natural Order]

$50/hour is basically $30/hour 4 years ago. I don't think it's as unreasonable as some people think. Welcome to hyper inflation.

A burger and fries is $20 now. $50 an hour isn't some crazy pie in the sky number. We are seeing borderline hyper inflation. Wages will need to raise significantly to keep up.

These guys aren't bagging groceries.

Weird take, i can feed my family of four burgers and fries for $20 total.

Dummies gonna dummy. Living like morons isn’t an excuse to scream for money that doesn’t exist. Especially when you’re a lazy, unproductive cunt trying your hardest to hang onto your lazy ways and easy ride.

Fuck outta here…

 

[Sakuraba'sEar]

Striking port union president furious that his luxury NJ estate was exposed in media

-The NY Post posted pictures of ILA president Harold Daggett's $3 million mansion

- He said his family and union leadership have received death threats

-Negotiations have stopped between the ILA and the United States Maritime Alliance


https://nj1015.com/union-leaders-threats-over-mansion-photos/

 

[Halifax]

Weird take, i can feed my family of four burgers and fries for $20 total.

Dummies gonna dummy. Living like morons isn’t an excuse to scream for money that doesn’t exist. Especially when you’re a lazy, unproductive cunt trying your hardest to hang onto your lazy ways and easy ride.

Fuck outta here…

Shit we can get the 5 piece fish and chips family pack from Freddie's fantastic fish house in bayers lake for $30

And these are big honkin pieces of fresh local fish lol

 

[nhbbear]

Grocery companies operate on famously thin profit margins, less than 2%. Also gasoline is subsidized in the US and generally cheaper than in the rest of the developed world. If anything we should probably tax gas more but its politically very unpopular so its not something your average politician wants to advocate for.

I am not surprised, I too would like to be paid more to be less productive. I just don't think its a reasonable demand.

If grocery stores are such a thin margin, why did Kroger net over 2 billion in profits? Not gross, net. I shop there and I see the prices go up and down and then they stay up. And whatever the fuck happens with gas, it’s crooked because oil companies makes a fuck ton of money every single year. Like disgusting amounts of profits

 

[Islam Imamate]

I'm super pro being paid more to do less. Don't even like the 40 hour work week.

I think if these people are that important that they can cripple the entire US economy by not working for a few then maybe their demands should be met. Sounds like that industry has been making a killing, spread the wealth. Biden and Bernie seem to agree. How this pans out over time? Dunno. I tend to think automation can only be stalled, not stopped.

I would prefer Biden squashes the union as I see their demands as unreasonable and counter-productive at a macroeconomic level.

there are a number of things that are automated, and it's generally a nice thing
remote controls for tv means that you dont walk to the set and turn knobs
apps on your phone means that you dont need to call a taxi or talk to a human to place orders, repurchase the exact amount of supplies for a job, less mistakes

if you think about all of the automation devices we have right now, it's massive, and sure, jobs have been lost, maybe secretaries arent super necessary anymore, and they get repurposed as project managers, but I dont think they do much to diminish the workforce. If you look at mcdonalds and the fear of order terminals/apps, there's no evidence that they reduced staff, it simply enhanced customer experience. Instead of standing in longer lines, you can preorder before you get to the restaurant. someone still has to make the food, and instead of flipping the meat, there are rollers (another automation device), and that doesnt mean there isnt a worker, it just means that the worker has an easier job.

go to walmart or target and chances are, you've got one or two people looking after the self checkout, and instead of opening cashiers, they are now making sure that there arent any transaction issues, making sure there isnt theft, machines are working properly, etc..... didnt even reduce staff in those scenarios. Home depot doing the same, etc.

we are absolutely filled to the brim with automation devices, and it just makes life easier, the implication that it replaces humans is a bit of a half truth at best.

look at it this way. If I were to replace just 1 worker, I would need quite a few devices to make that happen, and now I have introduced many variables. I have many devices to maintain, I have costs involved purchase, I have to deal with life expectancies of each device, which WILL BE FAR LESS THAN HUMANS, I may need to deal with subscription services to maintain, I may have saved myself from paying one worker, but in the end, I might not, might end up having a person that maintains that equipment, check that it runs properly, report on broken pieces, replacement parts......... it's never as simple as "the robots are coming", we've been using robotics for decades, and it's been a slow quality of life improvement rather than replacement.

using a crane rather + operator just make more sense than a humans and pully, and that is an example of a partial automation device. We already have automation devices.

Yes exactly, very well said. Its like saying a calculator will replace a mathematician. And in this case more efficient ports opens up economic opportunities for lots of other Americans. People see the dock worker asking for more pay for less productivity and feel sympathetic when they contrast him to the owner of the docks on the other side but what they don't see is the opportunity cost in having inefficient ports and how that affects thousands of other Americans.

If grocery stores are such a thin margin, why did Kroger net over 2 billion in profits? Not gross, net. I shop there and I see the prices go up and down and then they stay up. And whatever the fuck happens with gas, it’s crooked because oil companies makes a fuck ton of money every single year. Like disgusting amounts of profits

Idk, maybe $2 billion represents less than 2% of their revenue? Could also be that the overperformed relative to the industry. Not saying its impossible corporate greed is at play here but I tend to think folks overestimate how relevant that is.

 

[Jack V Savage]

Idk, maybe $2 billion represents less than 2% of their revenue? Could also be that the overperformed relative to the industry. Not saying its impossible corporate greed is at play here but I tend to think folks overestimate how relevant that is.

KR's TTM rev is $150.2B.