The narrowly averted shutdown of U.S. rail services should avoid widespread economic damage, at least for now. Major railroads including Union Pacific and BNSF struck a tentative deal with unions for better working conditions and pay early on Thursday , after lengthy talks hosted by President Joe Biden’s administration.
A railway hiatus is the last thing America needs. While trucks still carry the majority of freight in U.S. domestic shipments, rail still accounts for about $700 billion worth of annual shipments within the United States, or for export to Canada and Mexico, according to calculations by University of Toronto economics professor Ambarish Chandra.
Biden has plenty of competing priorities on his plate, including battling inflation and looming midterm Congressional elections. The rail deal prevents consumer prices from spiking further as a result of short-term supply shocks. True, the 24% wage increase over a five-year period could fuel inflation if it sets a standard for other industries too. But seen from the White House, that is a problem for another day.
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