Railroads and associated unions have reached a tentative labor agreement, likely averting a massive rail strike that would have been devastating for the economy.
could begin quickly approached, with the tentative deal finally being inked early Thursday morning. A verbal agreement was reached at about 2:30 a.m., and the final details were worked out in the following few hours.
The voting process will take a while, so the cooling-off period that was set to lapse on Friday has now been extended — meaning that, at least in the interim, a massive rail strike is no longer imminent.A rail strike would have hit the economy hard, especially given the country has already been dealing with supply chain problems stemming from labor shortages and the coronavirus lockdowns in China affecting imported goods.
The shutdown wouldn’t have just affected freight rail either. In advance of the agreement and in anticipation of a strike, Amtrak on WednesdayAmtrak canceled the routes, even though its workers are not part of the labor dispute, because many of its long routes use railroad tracks that are owned by railroads involved in the discussions.
A rail strike resulting in product delays would have been terrible optics for Biden, especially given that long-term strikes might have exacerbated inflation by cutting into supply.
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