Port strike may be a 'slippery slope' for Biden: Expert
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Ports along the East and Gulf Coasts are bracing for a strike at midnight, as the International Longshoremen's Union is demanding higher pay and protection from automation for its port workers.
Margaret Kidd, University of Houston instructional associate professor of supply chain and logistics technology, joins Morning Brief to discuss the looming port strike and how it may impact the US economy.
Kidd tells Yahoo Finance that some estimates project a port strike to cost the US $5 billion per day. She notes that the last port strike was in 1977, and lasted for 45 days. Back then, trade only made up 16% of the US economy. Today, that figure is 28%, and Kidd explains that a port strike would therefore be a "huge hit on the economy."
"I really hope that both sides can come together. Right now, it looks unlikely to be happening today. At some point, I think the president will have to step in, but he's vowed not to do that. So I think it's just going to be a matter of time. You know, maybe possibly another week, a week or two weeks into it, you could possibly see some federal action," she adds.
With the presidential election just over a month away, Kidd believes the port strike has put the Biden-Harris administration under pressure: "If he [Biden] doesn't resolve this potential strike, then he looks weak on the economy. If he does resolve it using federal action, he risks alienating labor. So, I mean, it's a really slippery slope."
The International Longshoremen's Union is seeking a 77% pay increase, which Kidd argues isn't unreasonable. "What we all need to remember is these were frontline first responders during COVID. They put their families behind and put the American people first, going to work every day while we were all in our pajamas doing Zoom calls," she explains.
Given how critical a strike is and how it may impact the economy, Kidd does not expect a strike to last long.
For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.
This post was written by Melanie Riehl
Yahoo Finance: Market Coverage, Stocks, & Business News
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