Business
Looming auto strike puts Biden’s labor loyalty to the test on August 31, 2023 at 10:00 am Business News | The Hill
A potential strike at the big three automakers in mid-September is about to show whether the “summer of strikes” can carry its momentum into this autumn.
United Auto Workers (UAW) are set to strike Sept. 14 if they don’t reach a deal with Ford, GM and Stellantis, and their endorsement for Biden could prove to be a seal of authenticity on the administration’s pro-labor self-styling.
“We’re focused on winning the best possible contract for our members in 2023, and then we can talk 2024,” the union said in a statement provided to The Hill.
5 big questions about the ‘summer of strikes’
“We want to see a federal government that is actively supporting our fight for economic justice in this green transition. Unfortunately, the Biden Administration is pouring billions into these companies’ pockets with no strings attached. A green transition with trickle-down economics won’t work,” the group said, referring to an economic doctrine associated in the U.S. with the Reagan administration.
The White House has been in touch with the negotiating parties, just as it had been with railroad workers who almost struck last year, as well as with Teamsters who just wrapped a contract negotiation with UPS.
“We’re not going to read out every, every conversation that this President has with parties in these negotiations, but the White House remains in close touch, as we have been in many other, in many of these other discussions with the UAW and the Big Three Automakers,” White House spokesperson Karine Jean-Pierre said Monday.
UPS Teamsters had asked the White House not to get involved in their own dispute, likening the negotiation to a street fight to be avoided by third-parties.
FILE – United Auto Workers members walk in the Labor Day parade in Detroit, Sept. 2, 2019. (AP Photo/Paul Sancya, File)
What does the UAW want?
The UAW is fighting for better pay, working conditions, and a return to defined-benefit pension programs, as opposed to retirement plans that are yoked to market performance. Market-pegged retirement plans became further embedded within the U.S. economy last year with the passage of Secure 2.0 retirement legislation, which included huge perks for wealthy retirees.
A defined-benefit pension program could significantly change the auto industry’s capital structure. How much depends on what exactly is negotiated, as such plans can require companies to keep cash on hand for their employees and their families, as opposed to reinvesting it and returning it to them via returns on stock.
Lawmakers keep a close eye on writers strike with no end in sight
They could also affect how the big three return investments to their own shareholders, as well as the astronomical sums they award to their own executives.
Ford announced a third-quarter dividend of 15 cents per share on the company’s common and Class B stock, the company announced in July.
In a statement provided to The Hill on Wednesday, Stellantis described the status of negotiations as “constructive and collaborative.”
“The discussions between the Company and the UAW’s bargaining team continue to be constructive and collaborative with a focus on reaching a new agreement that balances the concerns of our 43,000 employees with our vision for the future – one that better positions the business to meet the challenges of the U.S. marketplace and secures the future for all of our employees, their families and our company,” Stellantis’ statement says.
FILE – United Auto Workers President Shawn Fain addresses delegates at the union’s 2023 Special Bargaining Convention, Monday, March 27, 2023, in Detroit. The new president of the United Auto Workers union isn’t happy with Detroit’s three automakers. Shawn Fain, who took office in March, listed grievances with Stellantis, General Motors and Ford in a wide-ranging talk Friday, April 21, 2023, with reporters. (AP Photo/Carlos Osorio, File)
Memories of the Great Recession remain fresh
Fresh in the mind of the union, which has been energized by new leadership under the presidency of Shawn Fain, is the 2008 financial crisis, which significantly changed the labor and remuneration structure of the automotive industry.
“They got bailed out. We got sold out,” the union’s statement says. “The Great Recession turned the auto industry upside down. To save it, autoworkers took massive cuts to their wages and benefits. The companies introduced ‘tiers,’ worse pay for the same work.”
“Pensions were eliminated. Post-retirement healthcare vanished for new hires. Jobs were cut. The companies got billions in taxpayer dollars, while auto workers took deep cuts and made life-changing sacrifices to keep the industry alive,” it says.
Teamsters ratify new UPS contract, avoid massive strike
Auto industry profits surged during the recovery of the pandemic as profits contributed to and prolonged inflation, with Ford raising its full-year profitability guidance to between $11 billion and $12 billion in the second quarter.
The company’s free cash flow estimate for the rest of the year was bumped up to between $6.5 billion and $7 billion.
Dealers prep inventory ahead of UAW strike
A UAW strike would interrupt production schedules and order deliveries to dealerships, and some dealers are already preparing.
“Some dealers are starting to plan for the potential of a UAW strike and that is pushing them to the lanes to ensure they have inventory ‘just in case,’” Black Book, an automotive data agency, reported Tuesday.
Price implications in the automotive wholesale market are already starting to surface. For the first time this month, prices didn’t drop by more than 1 percent, according to Black Book data, indicating potential inventory concerns among car salespeople.
White House press secretary Karine Jean-Pierre addresses reporters during the daily briefing at the White House on Friday, July 7, 2023.
Automakers take aim at the ‘green economy’
The auto industry is of strategic importance to the Biden administration after the passage of the Inflation Reduction Act, which included heaps of tax credits for the construction of electric vehicles as part of a “green transition” to make the economy less environmentally destructive.
The legislation included $394 billion in tax credits geared toward energy and the climate, according to management consulting firm McKinsey.
“Some $43 billion in IRA tax credits aim to lower emissions by making [electric vehicles], energy-efficient appliances, rooftop solar panels, geothermal heating, and home batteries more affordable,” the company wrote in analysis of the legislation.
On Monday, the Treasury Department sent a love letter to unions in the form of a new report, arguing that unions are central to the U.S. middle class.
Treasury touts labor unions during ‘summer of strikes’
“The Biden-Harris Administration recognizes the benefits of unions to the middle class and the broader economy and is committed to fulfilling the policy objectives of the [National Labor Relations Act],” the report said.
While unions are seeing a surge in popularity in the U.S., organized labor has been in long-term decline, with union participation rates falling by half since they first started being measured in the early 1980s.
Business, Biden administration, Electric vehicles, Ford Motor Company, General Motors, Inflation Reduction Act, Stellantis, United Auto Workers A potential strike at the big three automakers in mid-September is about to show whether the “summer of strikes” can carry its momentum into this autumn. United Auto Workers (UAW) are set to strike Sept. 14 if they don’t reach a deal with Ford, GM and Stellantis, and their endorsement for Biden could prove to…
Business
The Cities Bracing for Trump’s Immigration Crackdown
In the wake of Donald Trump’s recent election victory and his promise of “the largest deportation operation in American history,” several major U.S. cities are bracing for potentially seismic shifts in their economic and social landscapes. As the nation grapples with the implications of this proposed policy, urban centers that have long been havens for immigrant communities find themselves at the epicenter of a looming storm.
Los Angeles, often dubbed the “City of Angels,” stands to lose more than its celestial nickname suggests. As a primary gateway for immigrants, the city’s vibrant tapestry of cultures and its economic engine could face significant disruption. From the bustling streets of Koreatown to the sun-drenched orchards of the Central Valley, the absence of undocumented workers could leave gaping holes in the city’s workforce and cultural identity.
Across the country, New York City, with its iconic skyline and melting pot reputation, faces its own reckoning. The Big Apple’s 5.9 million immigrants, many of whom are undocumented, form the backbone of industries ranging from construction to healthcare. The potential exodus could transform neighborhoods like Jackson Heights and Flushing, altering the very essence of what makes New York a global city.In the Sunshine State, Miami’s tropical allure belies the turbulent times ahead. Home to 2.5 million immigrants, the city’s economy relies heavily on sectors like tourism and hospitality – industries where undocumented workers often fill crucial roles. The potential deportation of these workers could send shockwaves through Miami’s economic ecosystem, from South Beach’s glitzy hotels to the agricultural heartlands of South Florida.
Chicago, the “City of Big Shoulders,” may find those shoulders significantly weakened. With 1.7 million immigrants in its metropolitan area, the Windy City’s diverse neighborhoods and industries face an uncertain future. From the meatpacking plants to the tech startups, Chicago’s economic resilience could be tested like never before.
In the Lone Star State, Houston and Dallas stand as twin testaments to the complexities of immigration policy. These Texas titans, each home to large immigrant populations, could see their booming economies stumble. The construction sites that dot their ever-expanding skylines and the service industries that keep these cities humming could face unprecedented labor shortages.
Out West, the San Francisco Bay Area’s reputation as a bastion of innovation and progress could be challenged. The region’s tech industry, often reliant on immigrant talent, might find itself grappling with a new reality. From Silicon Valley’s coding campuses to the agricultural expanses of the Central Valley, California’s economic powerhouse could face a reckoning. Phoenix, rising from the Sonoran Desert, could see its growth trajectory altered. As Arizona’s urban center, it stands at the forefront of the immigration debate, potentially facing not just economic impacts but social and political upheaval as well.
These cities, along with others like San Diego and Las Vegas, are not just facing potential economic disruptions. They are staring down the barrel of profound social change. Family separations, community fragmentation, and the erosion of cultural enclaves built over generations are all possible consequences of mass deportations. Moreover, the fiscal implications are staggering. Undocumented immigrants contribute billions in taxes annually, often without receiving the full benefits of their contributions. Their sudden absence could leave gaping holes in city budgets, potentially affecting public services and infrastructure projects.
As these urban centers brace for impact, the debate rages on. Supporters of stricter immigration policies argue for the need to enforce laws and protect American jobs. Critics warn of economic devastation and the unraveling of America’s urban fabric. What’s clear is that America’s cities stand at a crossroads. The coming months and years will likely reshape urban landscapes in ways both visible and invisible. From the foods we eat to the services we rely on, from the neighborhoods we call home to the very character of our cities, the impacts of this proposed immigration crackdown could be far-reaching and long-lasting. As the nation watches and waits, these cities – vibrant, diverse, and economically vital – find themselves on the front lines of a policy that could redefine what it means to be an American city in the 21st century.
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Business
How Trump’s Deportation Plans Could Reshape Major Cities
In the wake of Donald Trump’s recent election victory, his ambitious plans for mass deportations have thrust America’s urban centers into the spotlight. As the nation grapples with the potential implications of what Trump calls “the largest deportation operation in American history,” cities across the country are bracing for significant changes that could reshape their economic, social, and cultural landscapes.
The stakes are particularly high for metropolitan areas like New York, Los Angeles, Houston, Dallas, and Miami, which host the largest populations of unauthorized immigrants. These cities, along with other major urban hubs such as Chicago, Washington D.C., and San Francisco, stand at the forefront of a looming transformation that could reverberate throughout the nation.
Economic Tremors
Economists warn that the proposed deportations could send shockwaves through urban economies. Mark Zandi, chief economist at Moody’s, cautions that businesses would face “significant challenges” if a substantial number of immigrants were removed. Industries such as construction, hospitality, and healthcare—pillars of urban economies—could face severe labor shortages.
Joe Brusuelas, chief economist at RSM, emphasizes the potential ripple effects: “The native-born workforce cannot meet current labor demands.” This labor gap could lead to increased wages, potentially rekindling inflation—a concern that looms large over city planners and policymakers alike.
Community Fabric Under Strain
Beyond economic considerations, the social fabric of cities hangs in the balance. Elena, a Nicaraguan immigrant in Houston, voices a fear echoed in immigrant communities across the nation: “I’m scared… This is my home.” The threat of family separations, particularly in mixed-status households, casts a long shadow over urban neighborhoods.
Immigrant advocacy groups like FIEL are mobilizing, advising clients to prepare for “anything that can happen.” This atmosphere of uncertainty could lead to decreased community engagement and cooperation with local authorities, potentially impacting public safety and community cohesion.
Cities at a Crossroads
As the debate intensifies, cities find themselves at a crossroads. Some, like New York and Los Angeles, have historically positioned themselves as “sanctuary cities,” often at odds with federal immigration enforcement. The impending clash between federal policy and local governance promises to be a defining feature of this new political landscape.
Meanwhile, the logistical challenges of implementing such a massive deportation operation remain daunting. Questions abound regarding detention facilities, transportation networks, and the sheer manpower required to carry out Trump’s vision.
Looking Ahead
As America’s urban centers brace for potential change, the full impact of Trump’s deportation plans remains to be seen. Legal challenges are all but certain, and the resilience of America’s cities will be put to the test.
What is clear is that the coming months and years will be pivotal for urban America. As Jason Miller, a senior Trump adviser, puts it, the plan is to “immediately reinstate” immigration policies from Trump’s first term. For America’s cities, this could mean a period of unprecedented change, challenge, and, potentially, transformation.
As the nation watches and waits, the story of America’s cities in the face of this ambitious deportation plan is just beginning to unfold. The outcome will undoubtedly shape the future of urban life in America for years to come.
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Business
Donald Trump Wins 2024 USA Election
Based on the election results, Donald Trump has indeed won the 2024 U.S. presidential election, defeating Vice President Kamala Harris. Here’s an analysis of the key statistics and implications:
Electoral College Victory
Donald Trump has secured the presidency by winning crucial battleground states and flipping some key states that were previously held by Democrats. The final Electoral College tally is still being determined, but Trump has surpassed the 270 electoral votes needed to win.
Battleground State Performance
Trump’s victory was largely secured by winning several critical swing states:
- Wisconsin: Trump’s win here was pivotal in securing his path to victory.
- Pennsylvania: This state flipped back to Republican control.
- Georgia: Another key state that Trump managed to win back.
- Michigan: Trump successfully flipped this traditionally Democratic stronghold.
Popular Vote and Voter Priorities
While the final popular vote tally is still being calculated, exit polls provide insight into voter priorities:
- Economy and democracy were top concerns for voters.
- Abortion and immigration also played significant roles in voter decision-making.
Congressional Control
The election results extend beyond the presidency:
- Republicans are set to take back the Senate majority, securing at least 51 seats.
- Control of the House of Representatives remains undetermined.
Media Implications
The outcome of this election could be seen as a challenge to mainstream media narratives for several reasons:
- Polling Discrepancies: Many pre-election polls suggested a tight race or even a slight Harris advantage in key states. Trump’s victory, particularly in battleground states, may indicate that polls underestimated his support.
- Narrative Shifts: Throughout the campaign, much of the mainstream media focused on Trump’s legal challenges and controversies. His victory suggests that these issues may not have resonated with voters as much as economic and policy concerns.
- Voter Priorities: The emphasis on issues like the economy and immigration in voter decision-making may indicate a disconnect between media focus and voter concerns.
- Electoral Predictions: Many mainstream outlets were cautious about predicting a Trump victory, even as results began to favor him. This hesitancy could be seen as a reflection of broader media skepticism about Trump’s chances.
- Underestimation of Trump’s Base: The results suggest that Trump’s core support remained strong and potentially grew, despite negative coverage in much of the mainstream media.
It’s important to note that while the election outcome may challenge some media narratives, it doesn’t necessarily invalidate all mainstream reporting. The complex factors influencing voter behavior and the challenges of accurate political forecasting remain subjects of ongoing analysis and debate.
As the dust settles on this historic election, both the media and political analysts will likely engage in extensive reflection on the factors that led to Trump’s victory and the implications for future political coverage and analysis.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!
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