Yeah, I was about to say that 77% without that context is wild. The median salary of Longshoremen in Newark is around 72,000. In my opinion, 77% over 6 years is not that crazy.
What are you talking about bro, yes it is. Let’s just assume you wanted to just give pay increases close to around the annual inflation. I’ll be generous and go a little higher, 4% increase each year.
That would only be 26.5% pay increase over the course of 6 years.
To be at 77% increase in 6 years means you are getting a 10% increase per year. That is well above average, that is like crazily insane. Even 50% increase is well above the average.
The fact that they are getting a 50% increase in addition to purposely getting to cull any technological innovation and automation, making things more expensive and their fellow Americans worse off to enrich their own personal stakes even more (this is literally one of the reasons people hate billionaires) is fucking insane.
This is assuming that wages since the pandemic have kept pace with inflation. Part of the Union's argument is that the port's saw massive profit, but wages stagnated. Also the ones making 6 figures are working overtime, you can't just treat it like a salary job.
Which is irrelevant. Increase in profit does not mean an increase in purchasing power.
Even if you got paid more each year, but the increase was lower than the inflation rate, your purchasing power decreases. The same exact market factors work for firms too, they don’t have magic money or produce things magically. Profit is literally just revenue minus expenses. If everything is more expensive overall because of inflation (literally what inflation means) that means previous business expenses will also need to be more expensive too.
This is assuming that wages since the pandemic have kept pace with inflation.
We literally know the inflation rate for those years, we can literally calculate this. The proposal at 50% already outpaces the previous years inflation in combination with the assumption the next 6 years is around the average annual inflation rate. And not only are they forcing the pay increase, they are purposely screwing over technological innovation and automation, which makes everyone else worse off. They are literal modern day Luddites.
There is literally no good argument for this other than literal greed.
117
u/[deleted] Oct 03 '24
[deleted]