The cost of inflation - and the snowball. I see that the port - dockworkers' strike in British Columbia has not been settled.
As an example of the cost of inflation, and the snowball effect that it will have now that it is a reality, I have pasted a news story below.
This is an tangential story to the economy, to inflation, to interest rate increases, to the cost of housing, to a feeble fight with inflation by central banks hampered by government profligate spending, and eventually to the price of gold.
In another tangential story, I met a young couple in Alberta last weekend. They currently live in Vancouver, but they can't afford housing and so they are switching jobs and lifestyles and moving to a new province. Inflation is hurting a lot of people.
So, there is a rather bleak story behind this strike of dockworkers. Their rejection of the deal may seem outrageous to some, including myself, but their predicament is completely understandable: they can't afford to live where they work.
The NEWS STORY, thanks to The Canadian Press:
Port workers in British Columbia have voted to reject a mediated contract offer, extending job action that prevented billions in goods from moving for almost two weeks earlier this month.
In a letter posted on the union's website, International Longshore and Warehouse Union Canada President Rob Ashton says workers are now calling on their employers to "come to the table" and negotiate directly, instead of doing so through the BC Maritime Employers Association.
"The BCMEA awaits further direction from the federal government on the next steps."
The BCMEA said this would increase their retirement payout in 2026 to $96,250 for eligible retiring employees, over and above employees' pension entitlements. It added the 19.2 per cent wage increase would have potentially increased the median union longshore compensation from $136,000 to $162,000 annually, not including benefits and pension.
The deal also reportedly included measures to improve training, recruitment and retention of ILWU trades workers. The employers said specifically, the BCMEA agreed to provide benefit coverage for all casual trades workers, a new tool allowance, and a commitment to increase apprentices by a minimum of 15 per cent.
The rejection raises the prospect of back-to-work legislation to end the uncertainty at more than 30 port terminals and other sites, including Canada's largest port in Vancouver.
The four-year agreement between the union and maritime employers went to a vote of about 7,400 workers on Thursday and Friday, after union leaders presented the deal to local chapters on Tuesday.
The deal worked out with federal mediators had put a temporary halt to a 13-day strike that had commenced July 1, but its fate see-sawed wildly as the union leadership then rejected it and tried to go back to picket lines.
When that was deemed illegal by the Canada Industrial Relations Board, the union submitted a new 72-hour strike notice, only to withdraw it hours later.
On July 20, the union announced it was recommending the deal and would put it to a full membership vote.
Its failure will give impetus to calls for the federal government to bring in back-to-work legislation, that came earlier from industry groups and politicians, including Alberta Premier Danielle Smith.
The earlier job action was serious enough that Prime Minister Justin Trudeau convened the government's incident response group to discuss the matter, an occurrence typically reserved for moments of national crisis.
The Canadian Press