According to Fox Business, President Joe Biden claimed, over the weekend, that the deal struck last week between rail companies and union negotiators sidestepped a “real economic crisis.”
Now, many are wondering what the president meant by the word “real.”
The particular deal that Biden is referring to was struck on Thursday, which was just ahead of the Friday morning deadline that would have resulted in a freight railroad strike.
The New York Post reports the specifics of the deal.
The outlet reports:
The deal reached on early Thursday morning provides rail workers with a 24% wage increase over a five-year period from 2020 through 2024, as well as an average $11,000 immediate payout upon ratification, according to the Association of American Railroads said. The group said that the deal is tentative and subject to ratification by members of the unions.
U.S. Secretary of Labor Marty Walsh, afterward, put out a statement, saying, “our rail system is integral to our supply chain, and a disruption would have had catastrophic impacts on industries, travelers, and families across the country.”
The American Association of Railroads estimated that over $2 billion per day in economic output could have been lost had there been a strike.
The president participated in a CBS 60 Minutes interview where he celebrated the deal.
“The alternative was just not thinkable,” Biden said. “If, in fact, they’d gone on a strike, the supply chains in this country would’ve come to a screeching halt. We would’ve seen a real economic crisis.”
One wonders how that “real economic crisis” compares to the economic crisis that Americans have been facing under Biden’s leadership. Is the ongoing economic crisis somehow not “real”?
Biden went on to really boast about his administration’s role in averting this “real economic crisis.”
One of the things that happens in negotiations, particularly if they’ve been elongated like these have, is people say and do things where the pride gets engaged as well. And it’s awful hard to back off of some of these things. So, what we did was just say, ‘Look, let’s take a look. Let’s take a look at what’s happening.’ You have a good deal being made for labor. Their income’s gonna go up 24% over the next five years. They’ve worked out the health care piece, they worked out days off. They both sat down, in my view, and they were in the office today saying, ‘Well, we finally figured it out. This is fair on both sides.’ And it took that time to focus.