If 30,000 blue-collar workers are laid off, you can chalk it up to Bidenomics — the one that Sleepy Joe won’t fess up to while stumbling through one of his half-coherent teleprompter-read speeches …
but the word salad offered by our half-coherent president on his economic philosophy was hard to decipher. Good thing you don’t have to listen to Sleepy Joe to understand the concept; you can just talk to some average Americans.— taxes, spending, business-strangulating regulations; stuff that causes sticky inflation. Despite Fed rate hikes, it won’t go away and it makes seemingly strong top-line economic numbers feel recessionary.
Yellow believes it can achieve these cost savings without layoffs but it needs the Teamsters to buy into the deal. Again, without a deal the company is toast. Don’t take the company’s word for it; the market is saying as much. Amid the impasse , shares trade at what’s known as distressed levels — 86 cents and probably heading lower.
The people at Yellow also believe Sleepy Joe & Co. are partners in O’Brien’s plan. Consider: As a result of the Trump bailout, the Biden Treasury now holds about 30% of the company’s stock and it is owed hundreds of millions in debt. Yellow employs more unionized truckers than any company other than UPS, a key voting demo for Democrats. they need to cut some deal
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