The smashmouth victory of the United Auto Workers over GM, Ford and Stellantis conjures up two Wall Street cliches: 'Don't confuse brains with a bull market,' and 'pigs get fed, hogs get slaughtered.'
Do you agree with the decision to send weapons, soldier and ships to the Middle East as a deterrent in the Israel-Hamas war?The smashmouth victory of the United Auto Workers over GM, Ford and Stellantis conjures up two Wall Street cliches: “Don’t confuse brains with a bull market,” and “pigs get fed, hogs get slaughtered.”
The resultant deal dramatically raises wages and restores a cost-of-living-adjustment lost in 2009. It also enhances profit sharing, provides two years’ income security and health insurance for laid-off workers, improves pension benefits, provides the right to strike in the event of future plant closings, and incentivizes further unionization at nonunion U.S. plants such as Elon Musk’s Tesla and Japan’s Toyota.
First, UAW negotiators benefited from the biggest bull market for workers since the end of World War II. The unemployment rate oscillates around historic lows, labor shortages abound, and any damn fool could negotiate a very good contract in such conditions — Mr. Fein simply stuck the knife into the hilt.
Consider here that President Biden’s war on fossil fuels under the twin banners of “fighting climate change” and “advancing environmental justice” has sent the U.S. auto industry hurtling down the path of an all-electric vehicle future. Lost in this transition will be the U.S. manufacture of internal combustion engines — the highest value-added component of any fossil-fueled automobile and a key driver of corporate profits and union wages.
A second competitive problem U.S. automakers will likely face is a wage-price spiral. The lucrative UAW wage hikes coupled with its COLA will contribute to that spiral. Note here that, in reaction to the UAW settlement and to stave off possible unionization, Toyota has already raised wages at its nonunion U.S. plants.
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