Speakeasy forum: Another Major Hit To The Economy

by: James Denison December 4, 2012 9:03 AM PST

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Another Major Hit To The Economy

by James Denison - 12/4/12 9:03 AM

Might be some late Christmas presents this year. Longshoremen Union members on strike at the two largest ports in the USA, no shipments processed for past 5 days.
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Strikes in the ports of Los Angeles and Long Beach that began last Tuesday are delivering a blow to the U.S. economy.
Clerical workers from the International Longshore and Warehouse Union
(ILWU) Local 63 have been without a contract for 2.5 years, and
negotiations between them and the ports broke down last Monday.
The ILWU has accused management of trying to outsource clerical jobs
to overseas workers that are paid far less and receive fewer benefits.
Reuters reports
that 10,000 dock workers that are members of the ILWU Local 63 are
refusing to cross picket lines set up by 500 striking clerical workers,
essentially shutting down 10 of 14 container terminals between the two
ports.
Gluskin Sheff's David Rosenberg
writes, "If you think Hurricane Sandy and the fiscal cliff are
problematic for the economic backdrop, how about the strike (now in its
fifth day) that has shut down the nation's busiest ports—LA and Long
Beach?"
And with good reason. The impact of the strikes is estimated to be about $1 billion a day, and Matthew Shay, CEO of the National Retail Federation (NRF) has asked the White House to intervene in the contract negotiations:

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