'It is laughable that the Biden administration is celebrating the defeat of inflation when inflation remains two full percentage points above the Federal Reserve’s 2% inflation target.' -JamesY54939
Under the expiring labor agreement, Teamsters drivers already received cost of living adjustments for inflation. Productivity growth in the UPS organization. UPS is absorbing a $600 million annual increase in contractually mandated labor costs which it is partially offsetting with only $300 million in cost reductions. The public will pay for the difference in higher package delivery costs. Any new labor agreement will be inflationary.
To further illustrate the problems of labor unrest and inflation busting union contracts, on September 14, 2023, the current collective bargaining agreementbetween the United Auto Workers Union and the Big Three automotive companies — General Motors , Ford, and Stellantis. A strike could have disastrous consequences for the economy and for households.
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