President Biden said in an interview that a rail worker strike would have created a 'real economic crisis' in America, adding that supply chains would have come to a 'screeching halt.'
Labor Secretary Marty Walsh discusses the tentative deal to avoid rail strike amid economic challenges in the U.S.the deal between rail companies and union negotiators struck early Thursday morning averted a "real economic crisis." freight railroad"The alternative was just not thinkable," Biden said. "If, in fact, they'd gone on a strike, the supply chains in this country would've come to a screeching halt. We would've seen a real economic crisis.
The deal reached on early Thursday morning provides rail workers with a 24% wage increase over a five-year period from 2020 through 2024, as well as an average $11,000 immediate payout upon ratification, according to the Association of American Railroads said. The group said that the deal is tentative and subject to ratification by members of the unions.
Biden said during the interview that the two sides were able to work out a deal that is "fair" to both. "One of the things that happens in negotiations, particularly if they've been elongated like these have, is people say and do things where the pride gets engaged as well. And it's awful hard to back off of some of these things. So, what we did was just say, 'Look, let's take a look. Let's take a look at what's happening.' You have a good deal being made for labor. Their income's gonna go up 24% over the next five years.
U.S. Secretary of Labor Marty Walsh said after the tentative agreement was reached that the two sides negotiated for over 20 consecutive hours at the U.S. Department of Labor."Following more than 20 consecutive hours of negotiations, the rail companies and union negotiators came to a tentative agreement that balances the needs of workers, businesses, and our nation’s economy, "Walsh said.
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