This is who gets blame for the port strike. Hint: It’s not labor or management

The failed insurance policies of the Biden-Harris administration gave America 40-year-high inflation, labor unrest, and now doubtlessly the most costly strike in American historical past. By directing its 45,000 members to stroll off the job, the Worldwide Longshoremen’s Affiliation (ILA) union is crippling jap seaboard ports and costing $5 billion per day. 

In October 2021, I warned that the tax-and-spend agenda of the Biden-Harris administration would set an inflationary hearth and torch People’ funds, leading to labor unrest. By the autumn of 2023, we had the biggest auto strike in historical past because the United Auto Employees (UAW) demanded larger wages to counter their losses from inflation. 

Whereas the UAW strike was disruptive to the auto trade, it didn’t trigger extreme financial hurt or noticeably affect the patron. The ILA walk-off is an order of magnitude worse, with the potential for extreme disruptions to the economic system if it lasts greater than only a few days. 

BALTIMORE RESTAURANT OWNER SAYS PORT STRIKE IS ALREADY IMPACTING BUSINESS: ‘IT REALLY HURTS’

The 36 ports on the Gulf and East coasts deal with 55% of all U.S. container visitors and enormous volumes of exports, together with about half of U.S. pork and nearly three-quarters of U.S. poultry. About half of all imported vegatables and fruits come by these ports as effectively. In prescription drugs, 9 out of 10 imports and 7 out of 10 exports are being disrupted. 

Placing longshoremen stroll within the rain on the Port of Baltimore as either side jockey for place in negotiations. (FOX NEWS)

Briefly, America’s worldwide commerce has been severely hamstrung, with customers and companies alike about to get hit onerous if this labor dispute isn’t resolved rapidly. 

The first purpose for this and different labor unrest over the past three years has been the stratospheric rise in the price of residing, which stems instantly from mismanagement by the Biden-Harris administration. 

Biden and Harris pushed for runaway federal deficits, fueled with newly created cash from the Federal Reserve, destroyed one-fifth of the greenback’s worth in lower than 4 years. It additionally prompted violent fluctuations in rates of interest for all the things from mortgages to bank cards. 

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The end result has been a cost-of-living disaster with homeownership affordability plunging to a few of the lowest ranges on file, whereas households pay over $300 billion yearly simply in curiosity on their excellent bank card balances. Regardless of the common American’s weekly paycheck being bigger than ever earlier than, it buys lower than it did simply 4 years in the past. 

However the plunge within the greenback’s buying energy has hit companies each bit as onerous as customers, and the Biden-Harris administration’s personal knowledge proves it. Costs paid by companies and by prospects have each elevated 20% since January 2021, which means companies have merely handed on their price will increase to customers. 

Inflation has massively elevated each the price of residing and the price of doing enterprise, leaving no winners however authorities. So, whereas staff are demanding larger wages to fight right now’s sky-high price of residing, administration is determined to regulate will increase in the price of doing enterprise — and that features labor prices. With such tight margins, any pay will increase to staff will lead to larger costs for purchasers. 

However that didn’t cease the Biden-Harris administration from weighing in and siding with the strikers, citing progress in company income as someway indicative of administration’s misbehavior. Company income have elevated in the identical sense that households’ paychecks have elevated, however each purchase much less, on common, than they did 4 years in the past due to the hidden tax of inflation. 

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Biden and Harris pushed for runaway federal deficits, fueled with newly created cash from the Federal Reserve, destroyed one-fifth of the greenback’s worth in lower than 4 years. It additionally prompted violent fluctuations in rates of interest for all the things from mortgages to bank cards. 

Of all of the politicians in Washington, D.C., Vice President Kamala Harris owns a disproportionate quantity of the blame for inflation over the past 4 years. Not solely was she the most important cheerleader of the president’s big-government agenda, however she additionally forged the tie-breaking vote on trillions of {dollars} in inflationary federal deficit spending. 

What’s notably worrisome is that Harris hasn’t discovered from her errors. She’s doubling down as a substitute, proposing extra of the identical financial malfeasance that obtained America into this mess. If public coverage continues down the trail of the final three-and-a-half years, it should imply extra inflation, extra labor unrest, and evermore disruptive strikes. 

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