Niccollai Discusses the Hard Economic Times

UFCW Local 464A President, John T. Niccollai discussed the current economic conditions in an address to Local Members at a General Membership Meeting in Little Falls on January 13. He opened his remarks by informing the membership that he has accepted an invitation to attend President Elect Barack Obama’s inauguration on January 20 in Washington D.C. He said the transition to a new President marked a time of “Hope and change for America.”

Niccollai cautioned the Members “We cannot be mis-led about the dire condition of our economy. We certainly know it will take some time to turn it around. Those who think Obama will lead us out of the morass in a few weeks are mistaken. But, we also will not see a repeat of the Great Depression of the 1930s. Today we recognize that multi-dimensional action is required. In the late 1920s the leadership at that time (then President Herbert Hoover) did not recognize that action was needed. However, today we will create a lot of jobs rebuilding our infrastructure and that money will stay in the United States as opposed to sending it overseas to China or India and further impacting our balance of payments.”

He predicted “There will be more credit and housing problems before we see stability. Late this year and early next the stimulus package and TARP (Troubled Assets Relief Program) will begin to have their effect. In our own industry we have problems, but we will pickup by mid-year. Our industry will be among the leaders because people must have food. We should see jobs and hours pickup. We are one of the last bastions to suffer and the first to come back.”

Regarding the huge losses on Wall Street and across the financial industry Niccollai was upbeat. “Your Local’s funds are sound. The majority of our contracts have been negotiated and are behind us. We can expect to enjoy the benefits for the next 3 to 4 years. While the financial industry gets back on track, be assured that your Local Union will continue to protect you.”