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failed policies of Biden-Harris administration Gave America 40 years of high inflation, labor unrest, and now possibly the most expensive strike in American history. By directing its 45,000 members to walk off the job, the International Longshoremen’s Association (ILA) union is crippling East Sea ports and losing $5 billion a day.
In October 2021, I warned that the Biden-Harris tax-and-spend agenda Administration will set fire to inflation and destroyed Americans’ finances, resulting in labor unrest. By the end of 2023, we had the largest auto strike in history as the United Auto Workers (UAW) demanded higher wages to combat their losses from inflation.
Although the UAW strike was disruptive to the auto industry, it did not cause serious economic losses or have a significant impact on consumers. ILA walk-off This is substantially worse, with the potential to cause serious disruption to the economy if it continues for more than a few days.
Baltimore restaurant owner says port strike already hurting business: ‘It really hurts’
The 36 ports on the Gulf and East coasts handle 55% of all U.S. container traffic and the vast majority of exports, including nearly half of U.S. pork and nearly three-quarters of U.S. poultry. Nearly half of all imported fruits and vegetables also come through these ports. In pharmaceuticals, nine out of 10 imports and seven out of 10 exports are being disrupted.
Striking longshoremen walk in the rain at the Port of Baltimore as both sides negotiate positions. (Fox News)
In short, America’s international trade has been severely disrupted, with significant losses to consumers and businesses alike if this labor dispute is not resolved quickly.
The primary cause of this and other labor unrest over the past three years is the massive increase in the cost of living, which results directly from the mismanagement of the Biden-Harris administration.
Biden and Harris fueled the federal deficit, fueled by newly created money from the Federal Reserve, destroying one-fifth of the dollar’s value in less than four years. This caused violent fluctuations in interest rates for everything from mortgages to credit cards.
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The result is a cost-of-living crisis and home ownership affordability has fallen to the lowest level on record, while households pay more than $300 billion annually in interest on their outstanding credit card balances. Pay. Despite the average American’s weekly paycheck being higher than ever, he still purchases less than four years ago.
But the decline in the purchasing power of the dollar has hit consumers as well as businesses hard, and the Biden-Harris administration’s own data proves it. The prices paid by firms and customers have increased by 20% since January 2021, meaning businesses simply passed on their cost increases to consumers.
Inflation has drastically increased both the cost of living and the cost of doing business, leaving no winners except the government. So, while workers are demanding higher wages to deal with today’s skyrocketing cost of living, management is desperate to control the rising cost of doing business – and that includes labor costs. With such tight margins, any increase in workers’ wages will result in higher prices for customers.
But that hasn’t stopped the Biden-Harris administration from caving in and taking sides with the strikers, citing the rise in corporate profits as a sign of management misbehavior. Corporate profits have grown in the same sense that households’ wages have grown, but both buy less on average than four years ago because of the hidden tax of inflation.
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Biden and Harris fueled the federal deficit, fueled by newly created money from the Federal Reserve, destroying one-fifth of the dollar’s value in less than four years. This caused violent fluctuations in interest rates for everything from mortgages to credit cards.
Of all the politicians in Washington, DC, Vice President Kamala Harris is disproportionately blamed for inflation over the past four years. Not only was she the biggest cheerleader of the president’s big-government agenda, but she also cast the deciding vote on the issue of trillions of dollars in inflationary federal deficit spending.
What is particularly worrying is that Harris has not learned from her mistakes. Instead it is proposing more of the same economic malfeasance that has gotten America into this mess. If public policy continues on the path of the past three and a half years, it will mean more inflation, more labor unrest, and more disruptive strikes.
