The normally overlooked dockworkers on the East Coast have gone on strike. While the striking workers number only 45,000, their impact is immediate and profound: for each day they are on strike, the U.S. economy loses $5 billion, and half of the nation’s imported goods begin to pile up.

The timing of this strike seems to be a calculated move by the union leaders orchestrating it. The strike follows one of the deadliest hurricanes in 50 years, Hurricane Helen, and occurs just before the quadrennial presidential election. This timing amplifies the pressure on both sides, as the hurricane has already taken a toll on the public, compounding the stress on employers. With the election approaching, neither party can afford to alienate the workers; they find themselves under constant scrutiny to meet the union’s demands.

So, what drove the workers to strike? At its core, they are advocating for increased wages and better benefits. However, it’s worth noting that wages for dockworkers in the U.S. are among the highest for blue-collar labor. For example, many dockworkers in New York Harbor earn at least $150,000 annually, and the union leader of the International Longshoremen’s Association (ILA), President Dajah, makes over $900,000 a year, with luxuries like a yacht and a Bentley. Even tech billionaire Elon Musk remarked on social media, “This guy has more yachts than I do.”

During labor negotiations, the employers initially agreed to a salary increase of over 50% compared to the proposed six-year contract adjustments. However, the union rejected this offer, demanding annual raises instead, resulting in a staggering 77% increase in wages over the contract period, lifting the maximum hourly wage from $39 to $69.

With the election looming and the economy facing potential instability, it’s expected that the Biden administration will support the workers and pressure employers to significantly raise wages.

But who ultimately bears the cost of these wage increases? Ordinary consumers will likely feel the burden.

McDonald’s serves as a case in point. After ongoing protests and strikes, the fast-food giant has raised wages from under $5 to between $11 and $15 an hour, and up to $20 in California. Yet, during the same period, McDonald’s prices have surged to more than three times the official inflation rate, transforming affordable food into a luxury. Some consumers are being forced to cope with these changes, while others are simply opting out.

Labor and capital are indeed on the same boat. If McDonald’s experiences a downturn, workers’ jobs will be at risk. Similarly, if importers are unable to cope with the financial strain and reduce their shipments, where will the dockworkers find the opportunity to earn that $69 hourly wage?