As the nation watched two prominent labor disputes play out across the country, one expert had a warning on Monday: If unions manage to impose work rules, pay increases and compensation schedules that undermine a business' international competitiveness, it will hurt the U.S. economy.
"I have no objections to unions winning these battles but they need to keep in mind that if you bankrupt an industry or make it uncompetitive in the long run, you're actually cutting your own wrists," Dan Mitchell, senior fellow at the Cato Institute, said in an interview with "Power Lunch."
On the West Coast, the dispute between dockworkers and shipping and terminal operators has been dragging on for months. On Monday port operations resumed after being temporarily shut down over the weekend because of mounting congestion. The shippers and dockworkers have blamed the cargo backup on each other.