As railroads and unions near a strike, an industry analysis projects $2 billion a day in economic damage, worrying industries from auto to ag and retail.
were recommended by the Presidential Advisory Board appointed by President Joe Biden in July to avert a strike. They are non-binding, but if implemented, would see employees receive a 14.1% wage increase effective immediately, and a 24% compounded wage increase during the five-year period from 2020 through 2024. Service recognition bonuses would also be given to employees over the duration of the contract and would total $5,000.
"It has become clear in our post Presidential Emergency Board negotiations with the Rail Carriers that they are counting on the Federal Government to come to their aid if we are unable to reach a Tentative Agreement, and so far, we have not reached an Agreement," BLET President Dennis Pierce and SMART-TD President Jeremy Ferguson stated.
"Over half of all fertilizer moves by rail year-round throughout the United States and the timeliness and reliability of fertilizer shipments is absolutely critical,"
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