Amidst a recent dockworkers’ strike that brought commerce to a standstill on the East and Gulf Coasts, entrepreneur Kevin O’Leary has pointed a finger at the outdated infrastructure of American ports. Appearing on Fox Business’ Varney & Co., O’Leary expressed his frustration with the inefficiencies plaguing East Coast ports, arguing that they fall short compared to international counterparts like those in Singapore and other Asian locations. This, he claims, significantly impacts productivity and competitiveness. O’Leary highlighted the potential of automation to address these challenges. He cited studies that show no negative impact on wages associated with port automation on the East and West Coasts. In fact, he believes that automation could lead to increased wages for workers skilled in using robotic systems, creating new jobs and boosting overall economic growth. The strike, which halted billions of dollars in trade, was averted after the USMX offered a substantial pay increase of 62%. However, O’Leary’s remarks underscore the need for a long-term solution, urging policymakers to invest in modernizing infrastructure and embracing automation to enhance efficiency and competitiveness in the global marketplace.
