'At a week, you see real damage in the US economy,' said economist Patrick Anderson of Anderson Economic Group, which conducts impact estimates on work stoppages.
The Amtrak schedule through Chicago has been changed after thousands of railroad workers threatened to go on strike.That is why the risk of the first national railroad strike in 30 years is so worrying to economists and businesses.A brief work stoppage - some previous rail strikes have lasted only hours - likely won't cause much economic disruption.
America's railroads remain crucial for keeping the US economy running smoothly. They carry nearly 30% of the nation's freight, measured by the distance traveled and the weight of the cargo, according to the Bureau of Transportation Statistics. And there really isn't an alternative if the trains stop running.
Refineries get most of their crude oil via pipelines and ship out most of the products they produce, such as gas, diesel and jet fuel, via pipelines as well. But railroad tank cars are a key part of the process to make the gas that ends up in your tank. "A rail stoppage on September 16 would hit right as the fall harvest accelerates in many parts of the United States," said Mike Seyfert, CEO of the National Grain and Feed Association. "The economic damages across the food and agricultural supply chain would be swift and severe."
In addition, farmers preparing to plant for the fall season could see shortages of the fertilizer they need, since the railroads have already stopped accepting shipments because they are classified as hazardous materials in many cases. That could hurt future supplies of crops. In addition, many of those parts move between suppliers and car assembly plants by rail. Production will quickly halt if those rail links are severed.
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Here's how the freight rail strike could affect you'At a week, you see real damage in the US economy,' said economist Patrick Anderson of Anderson Economic Group, which conducts impact estimates on work stoppages.
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Here's how the freight rail strike could affect you'At a week, you see real damage in the US economy,' said economist Patrick Anderson of Anderson Economic Group, which conducts impact estimates on work stoppages.
Weiterlesen »
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