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This industry was eviscerated in 1983. I ‘loved’ Reagan, but using Liz Dole as his union buster did irreparable damage. Deregulation is appropriate for a lot of things but not airlines and trucking.
When is the last time you saw an OPEN weigh/inspection station along the interstate? Ever asked yourself why almost daily there is a flipped over semi on some interstate within 5 miles of downtown? Indiana’s law restricts trucks with at least 10,000 lbs GVW to the far right lane unless exiting or entering a ramp. Never enforced. Since we will never see tollways or ‘truck only’ lanes, all vehicles exceeding 20,000 lbs GVW need to be kept at 50 miles per hour once inside I-465.
The big problem is that the federal gas tax hasn’t scaled with inflation & infrastructure costs since the 1990s. Long haul trucking seems viable over long haul rail (+ short haul ‘last mile’) at face value, but it actually isn’t. Trucking companies pay drivers very little just to stay competitive, all the while we have trucks that use more infrastructure than they pay for. Not to mention the environmental clean up that will eventually be needed by burning so many fossil fuels, but that our gas tax doesn’t even attempt to account for.
If we raised the gas tax such that it could maintain infrastructure (and we pegged it to inflation), rail freight would explode. Instead, we’ve done nothing for 30 years. We’re so deep in the hole that fixing the problem would make for a fast market correction, putting a ton of people out of work before they knew what happened. A lot of people in the trucking industry – and related industries – would’ve gone with another career path had gas taxes kept up with inflation.
A lot of industries across the US appear to be in analogous situations. Started going down the wrong path decades ago due to government inaction & now too far in to fix things cleanly.
A lot of things contributed to COVID-era inflation. The chief contributor was probably the sharp reversion to the mean in the demand for goods that occurred right after the economy shut down & nearly every part of the supply chain lowered or idled its capacity. ‘Growing pains’ inflation…
The trucking industry was right in the middle of this. It should’ve been clear to these companies that the rise in rates was temporary.
In other news, this is a good sign that inflation is finally cooling.