You don’t hear much about the Teamsters union these days. If you do, it’s likely more about pension fund insolvency. Or one of Scorsese’s gangster flicks. Such news begs to ask, “Is organized labor trying to make a comeback?” And, if so, “What chance does it have of success?”
Union members vote to create a dedicated division to take on the e-commerce giant.
As for the International Brotherhood of Teamsters, much of its future depends upon progress made in the field of autonomous road vehicles (aka, self-driving cars). I’m generally open with skepticism when it comes to overhyped and unproven technology.
I have yet to hear an answer to how machines will handle ethical dilemmas. For example, would a robot car risk sacrificing the safety of its occupants in order to avoid crashing into a school bus full of children?
My disdain aside, the future of the Teamsters — and their pension funds — is unquestionably tied to success in this field.
As an aside, how is this related to one of the saddest ironies of the past century? Public pension funds have largely been raided by municipalities unwilling to raise taxes and cut services.
But private pension funds, through the magical machinery of modern market economics, inevitably devour the businesses that built them. This generally involves eliminating the workers’ wages, causing the pension fund to implode. And, as it erodes tax bases, it leads to cuts in public services, causing further injury to public pensions.
Not only is all of this legal, but the pension funds mandate managers invest in the highest rate of return.
I’m still learning about all of this stuff, but it’s harrowing stuff to say the least.