October 1, 2024
BU Today recently published an article featuring Jay Zagorsky, Clinical Associate Professor of Markets, Public Policy, and Law, discussing the economic impact of the dockworkers’ strike.
Approximately 45,000 dockworkers at 36 ports on the Eastern Seaboard and Gulf Coast are currently on strike, which could lead to a daily economic loss of $5 billion, rising inflation, and supply chain disruptions. Experts recommend allowing the strike to continue for a short period before intervening to mitigate further economic decline; however, the longer the strike persists, the greater the economic consequences will be.
“If I were president—and I am glad to be a BU professor, not POTUS—I would let the strike go on until Friday and then intervene over the weekend. That would let all sides feel they won something, but not push the economy over the cliff,” Zagorsky adds.
The Biden administration faces a dilemma, wanting to support union workers while managing consumer inflation concerns.