It has now been over a month since 33,000 local members of the International Association of Machinists launched a strike against Boeing in the Pacific Northwest. Ongoing negotiations have yet to produce a deal, and as feared, the consequences have been severe.
Analysts estimate that the strike has already cost Boeing more than $5 billion and its suppliers nearly $1 billion. After the first twenty days of the strike, regional economic loss amounted to $1.65 billion – and the strike is soon entering its sixth week.
The local IAM’s leader, John Holden, did not even bring Boeing’s latest offer to a vote. The offer included a $6,000 ratification bonus and a 30% pay raise over four years. Not to mention, Boeing proposed a competitive enhancement to employees' 401(k) accounts, which were already best in class. The new proposal agreed to match 100% of the first 8% contributed by employees, along with an automatic 4% company contribution. And now,........