Joe Biden recently attempted to elucidate the concept of “Bidenomics,” but his explanation of his economic philosophy was convoluted and difficult to comprehend. Fortunately, there is no need to rely on Sleepy Joe’s words to grasp the idea; average Americans can shed light on what they perceive as the sinister aspects of Bidenomics – excessive taxes, extravagant spending, suffocating business regulations, and the resulting inflation that burdens the economy. Despite the Federal Reserve’s interest rate hikes, these issues persist and contribute to a sense of recession, even in the face of seemingly positive economic indicators. Unsurprisingly, Biden performs poorly in economic polls because people resent the fact that they must work harder to make ends meet and afford basic necessities like food and fuel. Bidenomics also involves favoring certain segments of the economy while disregarding others, which has led to the potential loss of around 30,000 jobs among average Americans for the sake of pleasing his friends in the International Brotherhood of Teamsters union – a move that draws criticism. A prime example of this is the ongoing conflict between the Teamsters and the trucking company Yellow, where the union is threatening to initiate a strike unless considerable concessions are made. This standoff could disrupt the supply chain, causing significant problems. The Teamsters, along with their president Sean O’Brien, are also engaged in a dangerous battle with Yellow that may lead to the company’s demise. The union is obstructing a necessary restructuring plan that does not involve job cuts but does require union drivers to perform additional tasks such as loading trucks. The Teamsters argue that this seemingly minor compromise will detrimentally affect the company’s union workforce, but this contention appears irrational unless one takes into account the broader aims of the union and the White House. Yellow, a company with a history dating back to 1924, specializes in the Less Than Truckload (LTL) sector, involving the transportation of multiple smaller loads to various customers. This is a niche market worth approximately $60 billion that is fiercely competitive and impossible to succeed in without modernization. Consequently, Yellow finds itself on the brink of bankruptcy due to significant financial losses. Unless an agreement is reached with the Teamsters to reduce costs and update operations, the company will likely be liquidated, resulting in tens of thousands of job losses. Yellow believes it can achieve these cost reductions without layoffs, but it requires the union’s cooperation. Without an agreement, the company’s future looks bleak, a sentiment reflected in the distressed stock prices. Although Yellow’s history includes previous near-collapses, including during the COVID lockdowns when the Trump administration provided a bailout, some speculate that these claims are merely a strategy to force the union to make concessions, such as wage reductions obtained during past disputes. Yellow is one of the largest employers of unionized truckers, second only to UPS, which makes it a significant demographic in the Democratic voting base. There are indications that O’Brien is using Yellow as leverage in his battle with UPS, hoping to exert enough pressure to compel the larger company to fulfill union demands regarding salaries and more. While a work stoppage would not be fatal for UPS, the uncertainty created by a lengthy strike from a determined adversary could harm its business prospects amid an unstable economy. Yellow’s management also believes that Sleepy Joe and his associates are complicit in O’Brien’s scheme. This conviction is supported by the fact that the Biden administration, due to the Trump bailout, holds 30% of Yellow’s stock and is owed substantial debt. It follows logically that it would be in Sleepy Joe’s interest to encourage the Teamsters to negotiate a deal. However, despite making limited efforts to facilitate a resolution, the White House has remained silent on the matter. It is easy to see how the political actors surrounding Sleepy Joe are collaborating with the Teamsters because they both have a greater union-related agenda, which involves defeating the more significant opponent, UPS. If this assertion is true, it highlights the cynicism in the situation as Yellow is not a small player. If the company were to collapse, 30,000 jobs would disappear, 22,000 of which belong to union employees. These are valuable blue-collar positions, offering a salary and benefits package totaling $39.95 per hour. If this unfortunate outcome takes place, it can be attributed to Bidenomics – an economic approach that Sleepy Joe refuses to acknowledge as he stumbles through teleprompter speeches praising an economy that continues to stifle middle America. Requests for comment from the Teamsters and the Treasury have gone unanswered.
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