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

[chardog]

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/

here's the home: https://nypost.com/2024/10/02/busin...ion-has-bentley-5-car-garage-and-guest-house/

I'm impressed that it's valued at only 3 million? that seems like it's worth a whole lot more

 

[deviake]

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

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.

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.

I think it's nigh impossible to overestimate corporate greed, especially in the modern era.

 

[chardog]

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…

burgers are not cheap anymore

big mac 6.60
quarter pounder with cheese 6.50
whopper 9.35
famous star single 9.02


low budget
Jumbo Jack 5.39

fries 3-5 (jack in the box -> mcdonalds large)

unless I'm eating costco pizza, my food bill is quite large feeding my family of 6-7, dont really do burgers often, however, my daughter and I were celebrating at the mall shake shack, and our bill was $36....... we shared the fries and drink too

 

[Natural Order]

burgers are not cheap anymore

big mac 6.60
quarter pounder with cheese 6.50
whopper 9.35
famous star single 9.02


low budget
Jumbo Jack 5.39

fries 3-5 (jack in the box -> mcdonalds large)

unless I'm eating costco pizza, my food bill is quite large feeding my family of 6-7, dont really do burgers often, however, my daughter and I were celebrating at the mall shake shack, and our bill was $36....... we shared the fries and drink too

I guess I should have clarified that this sum was for eating in (making burgers and fries at home)

The idea that appropriate wages are somehow commensurate with fast food affordability is simply too much for me to take....

 

[koquerelle]

Sources: Striking port workers to return to work Friday as negotiators reach an agreement on wages​

Striking members of the International Longshoremen’s Association will be back to work at the ports on Friday, two sources told CNN Thursday, as the union and the management group representing shipping lines, terminal operators and port authorities have reached a tentative deal on wages.

The sources who spoke with CNN said there is not yet a final agreement on the complete contract. But one of the sources said that the two sides had agreed to extend the contract that had expired Friday until January 15 and have the union members back on the job while the final details are worked out and the agreement is ratified by the rank-and-file.

The 50,000 members of the union working at ports from Maine to Texas have been on strike since early Tuesday morning, halting the flow of the majority of containerized imports into the United States, along with many of the exports, disrupting the sales of American businesses overseas.

A tentative deal would still need to be ratified by the rank-and-file ILA members before it would take effect. But with ships stuck at sea unable to come into US ports to unload and load goods, the union has agreed to have workers return to work on Friday.

Still, should the members vote against the deal, the strike might start once again. And such a rejection of a tentative labor deal is not unheard of.

Just last month, the International Association of Machinists (IAM) and jet maker Boeing reached a tentative deal that union leaders recommended their 33,000 members accept and even described as the best deal they had ever negotiated with the company. But union members voted nearly unanimously to reject it and have remained on strike since September 13.

https://www.cnn.com/2024/10/03/business/port-strike-union-deal/index.html

 

[idrankyourbeer]

ahh shit. looks like the two sides have came to an agreement and strike is over. but not before people started buying up all of the god damn toilet paper again.

 

[Sakuraba'sEar]

I think it's nigh impossible to overestimate corporate greed, especially in the modern era.

Eventually things will have to change, I acknowledge this. How is capitalism to continue to be effective if large amounts of people can't even earn a living wage? I suppose part of the solution is to learn to live together as large families again, perhaps

The arguments that were being brought up in the 2010s involving automation and AI have already started to come true I fear, and our corporate leadership class hardly care

 

[nhbbear]

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

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.

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.

I am a creature of habit. I get the same things year after year. I buy filet on occasion and since 20, it went from 16.99/lb to 27.99/lb, cereal went from 3.99:box to 6.99/box same size, same cereal. I could list so many other things that have gone up. Yet, wages/salaries have stayed the same and Kroger is making big bank as are too many other industries to list. Yeah, we must be overestimating how much they are making

 

[deviake]

Eventually things will have to change, I acknowledge this. How is capitalism to continue to be effective if large amounts of people can't even earn a living wage? I suppose part of the solution is to learn to live together as large families again, perhaps

The arguments that were being brought up in the 2010s involving automation and AI have already started to come true I fear, and our corporate leadership class hardly care

Yeah, it seems like some sort of transformation/reformation is gonna have to take place. I think we're on the road already and I think it's telling that UBI has already been tested on the small scale and even been campaigned on in a presidential election. I'm not sure what/how many jobs people think automation and machine learning are going to make vs what they take but I think betting against technology is a bad idea and short sighted. It's not going to get less advanced.

 

[rearnakedchoke]

Good on the dock workers. Smart move for them to negotiate after the election.

 

[emefer]

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

Kroger admitted to raising the price of eggs and milk more than needed.

And then you have food producers


Oil execs conspiring with OPEC

Scott Sheffield: American oil tycoon accused of trying to conspire with OPEC to inflate prices | CNN Business

Scott Sheffield, the founder and longtime CEO of Texas oil producer Pioneer Natural Resources, attempted to collude with OPEC and its allies to inflate oil prices, federal regulators alleged Thursday.

amp.cnn.com

Second oil company CEO conspired with OPEC to keep prices high, FTC charges

Federal regulators are alleging a major oil company CEO conspired with foreign governments to keep oil and gas prices high. On Monday, the Federal Trade Commission (FTC) filed a complaint agai…

thehill.com

Which party wants to remove consumer protections (regulations) and cut taxes on the corporations?

 

[TribalDrumz]

Dam I just read they get paid more on the west coast and dudes on east coast start out at 20 bucks then get like 3 or 4 bucks each year after that only tops out 39 dollars an hour
The only guys who make good money work disgusting overtime

 

[emefer]

burgers are not cheap anymore

big mac 6.60
quarter pounder with cheese 6.50
whopper 9.35
famous star single 9.02


low budget
Jumbo Jack 5.39

fries 3-5 (jack in the box -> mcdonalds large)

unless I'm eating costco pizza, my food bill is quite large feeding my family of 6-7, dont really do burgers often, however, my daughter and I were celebrating at the mall shake shack, and our bill was $36....... we shared the fries and drink too

Dummies gonna dummy. Living like morons isn’t an excuse

 

[rearnakedchoke]

I’m sure trump and his base are pissed this didn’t cause more problems. They were banking on using it in their favour for the election.

 

[Nizam al-Mulk]

Eventually things will have to change, I acknowledge this. How is capitalism to continue to be effective if large amounts of people can't even earn a living wage? I suppose part of the solution is to learn to live together as large families again, perhaps

The arguments that were being brought up in the 2010s involving automation and AI have already started to come true I fear, and our corporate leadership class hardly care

Ineffective capitalism can chug along for a long time.

Even if there is massive trust busting or redistribution of wealth does not mean it ended.

Early 10s we had the truckers will go away in 4-5 years scare and that did not happen. Why could this not be just another vr hype cycle?

 

[Sakuraba'sEar]

Early 10s we had the truckers will go away in 4-5 years scare and that did not happen. Why could this not be just another vr hype cycle?

Ai can't navigate our shitty infrastructure in inner cities and towns. that's the only reason truckers will continue to keep their jobs for now. But this isn't hype imo, it's now just happening. We looking at big losses to Accountants, Software Engineers, Teachers, Graphic Designers, Marketing Managers, Sales Representatives, Financial Analysts, Human Resources Managers, Writers, Customer Service Representative Etc.

AI is already starting to replace many positions in these fields. Only the best will continue to work, but we're looking at large losses

 

[Yorick the Wiser]

Sounds like a deal Trump engineered behind-the-scenes.
..wait for it

 

[Sinister]

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.

People who resist automation are just reacting to the classic use of it in our flavor of capitalism, which is as a cudgel against paying wages. It's tough to sell them the idea of the kind of industry revolution that can come from it because our mega-corporate consumerism begets a certain cynicism. Describing better markets sounds fantastical and utopian to them:

 

[ColemanwastheGOAT]

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…

Where are you getting 4 meals for $20 in 2024?

 

[ColemanwastheGOAT]

burgers are not cheap anymore

big mac 6.60
quarter pounder with cheese 6.50
whopper 9.35
famous star single 9.02


low budget
Jumbo Jack 5.39

fries 3-5 (jack in the box -> mcdonalds large)

unless I'm eating costco pizza, my food bill is quite large feeding my family of 6-7, dont really do burgers often, however, my daughter and I were celebrating at the mall shake shack, and our bill was $36....... we shared the fries and drink too

Yeah he's having an odd meltdown lying about food prices lmao. Not sure what his problem is.