Electric cars use fewer parts than gas guzzlers. Fewer parts require fewer workers. And fewer workers mean more Americans looking for work.
United Auto Workers members attend a rally in Detroit on Sept. 15, 2023.
Well, it finally happened. After weeks of ardent lobbying, fervent favor trading and political arm-twisting, the United Auto Workers union — whose members manufacture cars across America — opted to strike. All told, nearly 1 in 10 UAW members have joined the picket line. Their beef is with Detroit automakers that should — the UAW argues — cough up a 46% pay hike, a 32-hour workweek and the reinstatement of generous pensions. All told, the UAW’s wish list calls forAutomakers are predictably unhappy. But so are workers, who don’t get paid while they picket. And so is President Joe Biden., Michigan experienced a single-quarter recession when UAW members picketed against General Motors in 2019.
But recent auto profits reflect government action during the COVID-19 pandemic. The Federal Reserve slashed interest rates to incentivize consumer spending. And after home purchases, few expenditures top buying a car. And cars are what millions of Americans bought, boosting company balance sheets. But that’s set to change following interest rate hikes aimed at cooling inflation. Auto sales are, in fact, beginning to slow down.Editorial: Shawn Fain is a belligerent UAW boss.
But this requires EV prices to fall and consumers to respond by purchasing proportionally more cars. I wouldn’t bet on that happening. In recent years, the cost of electric cars has unfailingly outpaced inflation and consistently beaten the cost of gas guzzlers, even though during the same time, battery prices — often blamed for high EV costs — have fallen. So much for consumer demand being elastic.Read the latest editorials and commentary curated by the Tribune Opinion team.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Collagen Sandwiching Is The Secret To Firmer Skin & Fewer Fine LinesEasy as pie—or shall we say sub?
Read more »
With fewer school counselors, Black kids pay emotional price - New York Amsterdam NewsEvery day across the United States, students look forward to seeing one particular person when they walk into school. It’s not a classmate or a teacher, but rather, their school counselor.
Read more »
Environmental conservation in Brazil: more investments, fewer “stupid decisions”Brazil Climate Summit: Brazil seeks a leading role in the global environmental discussion at an event in New York.
Read more »
Fed holds rates steady, but leans hawkish with fewer rate cuts expected next year By Investing.comFed holds rates steady, but leans hawkish with fewer rate cuts expected next year
Read more »
From potholes to future of electric vehicles, see solutions to infrastructure issuesFrom crumbling streets and potholes, to the future of electric vehicles, this latest episode is filled with all kinds of answers and solutions.
Read more »
From potholes to future of electric vehicles, see solutions to infrastructure issuesFrom crumbling streets and potholes, to the future of electric vehicles, this latest episode is filled with all kinds of answers and solutions.
Read more »