
Economy | Shutdown and Strikes
Clip: Season 2024 Episode 5 | 4m 48sVideo has Closed Captions
Economist Louis Johnston on local impacts of nationwide strikes and a federal shutdown.
Economist Louis Johnston on local impacts of nationwide strikes and a federal shutdown.
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Problems playing video? | Closed Captioning Feedback
Almanac is a local public television program presented by TPT

Economy | Shutdown and Strikes
Clip: Season 2024 Episode 5 | 4m 48sVideo has Closed Captions
Economist Louis Johnston on local impacts of nationwide strikes and a federal shutdown.
Problems playing video? | Closed Captioning Feedback
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Learn Moreabout PBS online sponsorship>> ERIC: AS WE JUST DISCUSSED, THE FEDERAL GOVERNMENT IS ON THE BRINK OF SHUTTING DOWN THIS WEEKEND.
ADD IN THE UNITED AUTO WORKERS STRIKES WIDENING ACROSS THE COUNTRY, INCLUDING TO A MINNESOTA FACILITY, AND THERE ARE RISING CONCERNS ABOUT THE ECONOMY.
HERE TO TELL US WHAT THIS COULD MEAN FOR MINNESOTANS, LOUIS JOHNSTON TEACHES ECONOMICS AT THE COLLEGE OF ST. BENEDICT AND ST. JOHN'S UNIVERSITY.
WELL, PROFESSOR, 17,000 FEDERAL WORKERS IN MINNESOTA, THEREABOUTS, WHAT WILL THIS MEAN FOR THE STATE IF IT HAPPENS?
>> WELL, IT'S PROBABLY NOT GOING TO HAVE TOO MUCH OF AN ECONOMIC EFFECT RIGHT OFF THE BAT BUT IT WILL HAVE BIG ECONOMIC EFFECTS FOR INDIVIDUAL FAMILIES.
MA'AM YOU HAVE TO GO TO WORK BUT YOU'RE NOT GETTING PAID.
DON'T WORRY, WE'LL PAY YOU IN A FEW WEEKS, THAT'S KIND OF THE SCENARIO THAT A LOT OF THESE FEDERAL WORKERS WILL BE FINDING THEMSELVES IN SO THAT'S TOUGH.
>> Cathy: I WOULD BET THAT PROBABLY THE ENGTH OF THE SHUTDOWN WILL MATTER HERE IN TERMS OF THE ECONOMIC RIPPLES.
>> YES, AND THAT'S THE BIG QUESTION.
THE LONGER IT GOES, THE BIGGER THE EFFECT WILL BE SO THE LAST ONE WAS 35 DAYS, I THINK IT WAS.
YOU KNOW, THAT'S NOT TOO BAD, YOU CAN KIND OF, YOU KNOW, THINK ABOUT YOUR CREDIT CARDS, YOU CAN FLOAT SOMETHING FOR A MONTH OR SOMETHING LIKE THAT, BUT WHEN YOU START GETTING OUT 60 DAYS, 90 DAYS, THAT STARTS TO REALLY MESS UP SUPPLY CHAINS.
THINK ABOUT, FOR EXAMPLE, SOME OF THE JOBS THAT ARE IN FOOD INSPECTION AND THINGS LIKE THAT.
IF YOU DON'T HAVE THE INSPECTORS ON THE LINE TO BE ABLE TO DO THESE THINGS, YOU'RE GOING TO RUN DOWN YOUR INVENTORY AND ALL OF A SECOND, WAIT A SECOND, HOW WILL I GET THE EGGS OUT THE DOOR AND THESE CUTS OF MEAT.
>> Eric: DOES IT MEAN ANYTHING FOLLOWING MARKETS, REDUCING CONFIDENCE IN THE UNITED STATES LEADERSHIP?
>> I DON'T THINK IT DOES NOW BUT ONE OF THE PROBLEMS THAT WE'RE FACING IS THE PEOPLE WHO DO THE ECONOMICS STATISTICS, WHO GATHER THE DATA AND THAT KIND OF STUFF, THEY'LL BE ON FURLOUGH.
FOR EXAMPLE, NEXT FRIDAY, WE MAY NOT GET THE UNEMPLOYMENT NUMBERS BECAUSE THE EOPLE WHO PUT THEM TOGETHER AND REPORT THEM, THEY WON'T BE THERE.
>> Cathy: AND ADD TO ON TOP OF ALL THIS, THE UAW STRIKE, WHAT ARE THE WRINKLE EFFECTS OF THAT?
>> WELL, THIS IS VERY INTERESTING BECAUSE THE WAY THAT STRIKES LIKE THIS HAVE USUALLY BEEN DONE IS THEY CALL THE STRIKE AND, BOOM, THEY GO.
THEY'RE DOING SOMETHING VERY DIFFERENT THIS TIME WITH GOING AFTER A COUPLE OF PLANTS, THEN GOING AFTER SOME OF THESE PARTS PLACES, NOW TODAY THEY ADDED OTHER PLANTS.
THEY'RE IND OF TURNING UP THE HEAT A LITTLE BIT ON THIS FROG, SO TO SPEAK, AND IT'S GETTING A LITTLE BIT WARM.
I DON'T THINK IT'S HAVING A BIG EFFECT YET.
ONE OF THE THINGS THAT'S SO DIFFERENT ABOUT THIS STRIKE THAN, SAY, EVEN 15 YEARS AGO IS THE UNIONIZED SECTOR IS ONLY 150,000 WORKERS.
THAT'S JUST NOT THAT BIG, SO IT'S IMPORTANT, THEY'RE IN IMPORTANT PLACES BUT THERE JUST AREN'T THAT MANY UNIONIZED AUTO WORKERS COMPARED TO, SAY, 50 YEARS AGO OR EVEN 70 YEARS AGO.
>> Eric: IS THE LABOR MOVEMENT SEEING A BUILT OF RESURGENCE?
>> I THINK THEY ARE, AND IT'S ESPECIALLY IMPORTANT BECAUSE THEY'VE GOT LEVERAGE FOR THE FIRST TIME IN I WOULD ARGUE 40 YEARS, REALLY SINCE PRESIDENT REAGAN FIRED THE AERIAL TRAFFIC CONTROLLERS, WE'VE GOT A SITUATION WHERE LABOR UNIONS NOW CAN ACTUALLY EXERT SOME PRESSURE ON MANAGEMENT.
>> Cathy: SAY, ANOTHER BIT OF THE ECONOMY, WHAT OES IT MEAN THAT NEW HOME CONSTRUCTION FELL 11%?
>> MEANINGS THE FELD'S INTERESTS RATE HIKES ARE REALLY BITING, REALLY CULTING INTO PEOPLE'S ABILITY TO GO OUT THERE AND BUY HOMES.
MORTGAGE RATES HAVE NOW HIT THEIR HIGHEST POINT IN, I THINK, 20 YEARS RIGHT NOW, THEY'RE OVER 7%.
THAT IS EXPENSISM.
WHEN YOU START THINKING ABOUT GETTING TOGETHER A DOWN PAYMENT AND THEN HAVING TO ALSO PAY THAT MUCH INTEREST EVERY MONTH, YOU START TO THINK, I THINK THE HOME I'VE GOT NOW IS OKAY, OR MAYBE I'LL KEEP RENTING FOR A WHILE LONGER AND WAIT FOR MAYBE INTEREST RATES TO GO DOWN OR MAYBE GET A LITTLE BIT BIGGER CUSHION FOR A DOWN PAYMENT.
>> Eric: AS THE FED WORKS ON INFLATION, IS IT FAIR TO SAY THAT BAD NEWS IS OFTEN GOOD NEWS?
>> WELL, THAT'S THE IRONY OF THIS IS THAT IT IS FED RAISING INTEREST RATES IS SUPPOSED TO SLOW THE ECONOMY DOWN.
IT'S SLOWING DOWN THE HOUSING SECTOR, AUTOMOBILES WERE ALREADY SLOWING DOWN, SO, YEAH, IT'S DOING WHAT IT'S SUPPOSED TO DO BUT IT'S KIND OF LIKE LOSING WEIGHT.
I DON'T REALLY WANT TO DO THE THINGS THAT I NEED TO DO TO LOSE WEIGHT BUILT I DO WANT THE RESULTS.
>> Eric: DID YOU SAY THE U.A.W.B.STRIKE LASTING QUITE A WHILE?
>> NO, I DON'T, ACTUALLY.
I THINK IT'S GOING TO GET SETTLED PRETTY SOON BUT THE AUTO WORKERS HAVE A POINT ABOUT THE GAINS THAT UPPER MANAGEMENT AND SHAREHOLDERS HAVE MAILED SINCE 2007 WITH THE BANKRUPTCIES AND THEY'RE GOING TO HAVE TO REALLY SIT DOWN AND HAMMER THIS OUT.
BUT THERE IS A LOT TO LOSE THERE SO I DON'T THINK THEY
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