The International Association of Machinists and Aerospace Workers union ratified the contract its managers lately extracted from Boeing.

The union got

• 38% wage increase over the next four years for its members
• $12,000 ratification payment for each of its members
• guaranteed annual bonuses for each member ranging from a minimum of 4% to as high as 6% (the guaranteed nature defeats the purpose of bonuses, and converts the payments to an annual Christmas present)
• 401(k) Boeing match of 100% of each member’s first 8% of pay plus an automatic 4% Boeing contribution
• requirement for Boeing to build its next airplane in the union shops of the Seattle area

What did Boeing get in return? The company gets to restart its commercial aircraft production in the Seattle area, and so to survive.

That’s one outcome of the legalized extortion that is union strikes.