With a major dockworkers’ strike on hold for now, entrepreneur Kevin O’Leary highlights the outdated infrastructure and rising tensions over union demands.
On Fox Business’ Varney & Co. on Friday, O’Leary remarked that East Coast ports are outdated and inefficient, reported Fox Business.
A major strike by the International Longshoremen’s Association halted trade at East and Gulf Coast ports, affecting billions in commerce. The union has agreed to continue under an expired contract through mid-January.
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Leary went on to explain that when comparing East Coast ports to international ones like those in Singapore and other Asian locations, they fall short, which negatively impacts productivity.
O’Leary noted that studies on port automation reveal no negative impact on wages on the East and West Coasts. In fact, he argued that automation could enhance wages for employees skilled in using robotic systems, fostering job creation and promoting wage growth.
The strike ended Thursday night this week following the USMX’s offer to increase pay by 62%.
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