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Introduction
In the rail industry, more than fifty thousand employees have expressed an intention to resign due to scheduling issues and a rejection to provide railroad employees with paid sick leave. During previous negotiations, the issue of paid sick leave was one of the most controversial topics. The union members, who had previously said they valued wage increases and full disability insurance more than sick days, contended that the railroad businesses could afford them without affecting their operations.
Even though transport railroad companies have been unwilling to offer that guarantee of record pay rises and favorable revisions to medical insurance arrangements, the unions believed that the accord did not adequately address compensated sick leave legislation. Recently, one of the largest train unions in the country voted against accepting an agreement, uniting several other organizations that have been unable to endorse agreements due to concerns around demanding scheduling and the absence of paid sick time.
Discussion
A statement made by the director of the Association of American Railways indicated that while the railways would study the move, it will be something that needs to be done within the framework of further upcoming conversations. It cannot take long before the effects of a strike in the railroad industry are felt throughout the economy. Many businesses can only keep enough unfinished goods to endure a few days’ worths of raw materials because they lack the storage capacity necessary for finished goods (Reuters, 2022). Everyone, including the manufacturers of foodstuffs, gasoline, autos, and pharmaceuticals, as well as their respective consumers, has to feel the squeeze as the price of these goods increases.
The rail network in the United States serves as the country’s economic heart. This is one of the methods by which Americans transport everything from place to place. This is the route that is used by one-third of almost everything. Moreover, the country will experience an economic collapse if rail transport is cut. Railroads in the United States continue to play an essential role in the country’s overall economic prosperity. The railway industry is responsible for moving a higher proportion of the nation’s total cargo when measured by the total distance traveled and the total freight weight (Marsh, 2022). If the trails cannot run, there is essentially no other option.
Each year, railroads transport nearly 40 percent of the general freight in the country (Marsh, 2022). In research released earlier this fall, the railways predicted that rail strikes would cost the economy two billion dollars per day (Riedel, 2022). The figure below shows a rail closure due to the strike.
Many jobs could be affected if a strike lasts for a month. For instance, a study by trade association for the chemical process industries predicted that 700,000 jobs would be lost (Debusmann Jr, 2022). This is because industries that depend on railroads would shut down, raising prices even more across the board, and the economy may enter a catastrophe. The railroad strike will stop delivering harmful chemicals approximately a week before the strike deadline to ensure that no tank cars packed with hazardous substances become stranded, which will cause some of the first industries to be impacted to be chemical producers and refineries (Debusmann Jr, 2022).
Analysts, business organizations, and railroad companies all believe the strike would result in a daily economic loss of approximately two billion dollars since it would disrupt the provision of essential items such as energy, medication, and other necessities. However, this might have a significant and immediate effect on the costs customers pay for fuel because more than half of all biofuels used in gasoline are supplied via railway.
Rail transportation is crucial to all sections of the economy involved in producing goods, including retailing, distribution, the agricultural industry, and manufacturing. If a rail strike lasts more than three to four weeks, goods’ prices may rise again, making the inflation problem much more challenging. There is still a great deal of uncertainty around the potential future of an agreement between railway workers and companies, mainly if Congress fails to take any action to compel the provisional agreement. The four unions that have previously voted against the agreement comprise the bulk of the uniformed train personnel, and the unions represent those workers (Apthorp, 2022). The graph below shows the impact of the rail strike on energy, biofuels, diesel exhaust fluid, and the US economic system that is being monitored by Mansfield Power generation.
The rail strike will affect working Americans who commute by train. Due to pricing increase, Internet users will have to pay more for goods and services. Farmers in the United States are confronted head-on with food shortages. A strike, closure, or severe delay would have devastated agricultural production as harvest approached in anticipation of a rail strike. The Senate enacted a law requiring a settlement between competing national train operators and related organizations, preventing a strike that might have crippled American transportation and business before the holiday shopping season. President Joe Biden signed a constitutional amendment to terminate a train strike. In order to increase employee pay, both parties are required to reach an agreement.
Conclusion
The rail workers looming strike is due to scheduling concerns and refusing to grant paid sick leave. America’s rail network is its economic heart, which is how most goods are transported. In order to avert the train strike, the American government must agree with the rail unions for the train system to continue operating. The agreement would benefit the millions of hard-working Americans who depend on it for their jobs and the nation’s economic stability.
References
Apthorp, A. (2022). Another oil market selloff causes 15-cent down day. Mansfield Energy Corp. Web.
Debusmann Jr, B. (2022). US rail strike: House votes to block potential work stoppage. BBC News. Web.
Marsh, J. (2022,). Rail strike could push truckload rates to “levels we’ve never seen before.” FreightWaves. Web.
Reuters. (2022). Reactions to deal between U.S. railroads and unions. Reuters. Web.
Riedel, C. (2022). Photos: A rail strike looms and impact on US economy could be broad. CBSnews. Web.
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