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Post by sunny225 on Nov 14, 2023 18:55:08 GMT
www.foxbusiness.com/media/expert-details-the-impacts-the-great-trucking-recession-will-have-on-americansAmerica's trucking industry is in a dire state, which is bad news for the American economy because it serves as an indicator of the mood of consumers and their pocketbooks heading into the holiday season, one expert warned. Post pandemic, there has been a surplus of trucks and drivers compared to the amount of freight that needs transporting. As lockdown spending slowed and the cost of living continues to rise, more truckers are fighting for the same loads, which results in a "dogfight" between truckers and trucking companies, JKC Trucking Vice-President and Co-Owner Mike Kucharski told Fox News Digital. "Everybody's calling this the great trucking recession, and it's true because all the trucking companies right now are in dark times," he said. "This is not a good time to be in the trucking industry. Just to paint a picture, the trucking industry is the engine that drives the American economy forward. We're fueling growth [and] prosperity by transporting goods to where they need to be and when the engine breaks down or stops, it works like a heart. When that ceases to be, it brings the entire economic system to a halt." Yellow Corporation, for example, which is one of the nation's oldest and largest trucking companies, filed for Chapter 11 bankruptcy in August, laying off 30,000 employees. Convoy Inc., a Seattle-based trucking startup that was valued by investors at $3.8 billion just last year, shut down last month. more at link
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Post by Ozarks Tom on Nov 14, 2023 21:04:05 GMT
The same exact thing is going on in the ocean shipping industry. Container ship are either sitting at anchor or trying to underbid other carriers.
It doesn't bode well for the overall economy, in that when people stop buying, ships don't sail, and trucks don't haul, meaning bankruptcies all over both industries. It's the snowball at the top of the hill, and by it reaches the bottom unemployment will be high, inflation higher, and banks starting to go under from all the bankruptcies.
What to do, what to do? Well, I'm sure our Secretary of the Treasury, Ms Yellen is all over it. Giving that blank stare into the cameras while she mumbles something about "the economy is strong, and this is transient". Oh, and Trump.
There is an upside to this though, if you care to call it that. This will put China in an even deeper hole economically than it already is, and maybe take its attention away from Taiwan.
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