Union Pacific Unveils Commemorative Lincoln Locomotive No. 1616 with First Trip Planned in May
OMAHA, Neb.--(BUSINESS WIRE)--Union Pacific Railroad unveiled the Abraham Lincoln commemorative locomotive No. 1616 today in North Little Rock, Arkansas. Numerous dignitaries, including Arkansas Lt. Governor Leslie Rutledge, North Little Rock Mayor Terry Hartwick and Lincoln Presidential Foundation Chairman Emeritus Sergio 'Satch' Pecori joined Union Pacific executives and railroaders to celebrate the pivotal role Lincoln played uniting the nation through rail and laying the foundation for America's freight rail supply chain.
'Union Pacific exists because President Abraham Lincoln wasn't afraid to ask, 'What's Possible?'' said Union Pacific CEO Jim Vena.
Share
Abraham Lincoln signed the Pacific Railway Act in 1862, creating Union Pacific and unleashing a new era of economic prosperity with the construction of the transcontinental railroad network.
'Union Pacific exists because President Abraham Lincoln wasn't afraid to ask, 'What's Possible?'' said Union Pacific CEO Jim Vena. 'Our employees move the critical goods Americans use each day. We are proud of our heritage and look forward to sharing this special locomotive with the communities and people along the 23 states where we operate.'
Railroads are at the heart of the U.S. economy and touch nearly every industry including vehicles, chemicals, energy, agriculture, metals, minerals, forest products, consumer goods and more. Union Pacific's more than 30,000 employees deliver essential items from lumber and drywall to build homes to corn and wheat to make bread and cereal.
No. 1616's paint scheme has the unique colors of Lincoln's era and serves as a nod to locomotive No. 119, one of the two locomotives present at Promontory Summit, Utah, marking the completion of the first transcontinental railroad in 1869, officially uniting the eastern and western parts of the nation. It was painted at Union Pacific's Downing B. Jenks Locomotive Shop in North Little Rock by Union Pacific's dedicated employees.
The Lincoln locomotive will serve as a traveling ambassador. Its first public stop will be May 10 at the Oregon Rail Heritage Center in Portland, Oregon, in celebration of National Train Day. As additional stops are finalized, details will be shared on UP.com and social media.
ABOUT UNION PACIFIC
Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
20 minutes ago
- Business Insider
Trump's $1,000 baby bonus idea takes a leaf out of Warren Buffett's wealth-building playbook
President Donald Trump wants the next generation of Americans to be stock investors from birth — an idea that could easily have come from Warren Buffett. The US leader's so-called Trump Accounts are part of his proposed " One Big Beautiful Bill," a huge package of tax and spending legislation that's been approved by the House of Representatives and is now under Senate scrutiny. If passed, the government would open a tax-deferred investment account for every newborn citizen born between January 1, 2025 and December 31, 2028, and seed it with $1,000. Each child's guardian would be in charge of their account, able to deposit up to $5,000 a year into it, and allowed to invest in broad US index funds that don't use leverage and minimize fees and expenses. Withdrawals wouldn't be allowed until the age of 18, and the account would automatically terminate when the holder is 31. "This will afford a generation of children the chance to experience the miracle of compounded growth and set them on a course for prosperity from the very beginning," the White House said on its website, highlighting endorsements from the CEOs of Dell, Goldman Sachs, Uber, and Altimeter Capital. The bosses of Arm, Salesforce, ServiceNow, and Robinhood have also signaled they're willing to contribute to the Trump Accounts of their employees' children. 'Start young' Buffett, the CEO of Berkshire Hathaway, has long recommended investing from a young age in a low-fee, broad-market index fund and holding for the long run as the most reliable way to build wealth over a lifetime. "Start young," Buffett told a shareholder who asked how to become a multibillionaire during Berkshire's 1999 meeting. He explained that "the nature of compound interest is it behaves like a snowball of sticky snow. And the trick is to have a very long hill, which means either starting very young or living to be very old." Buffett, whose net worth now exceeds $150 billion, said at the 2001 meeting that saving $10,000 by the time he turned 21 gave him a "huge, huge headstart" in life. It meant he could afford to get married and have kids while still having spare money to invest. "While he hasn't commented directly on government-funded stock accounts for newborns, the investing logic behind such a proposal aligns with his core principles," Lawrence Cunningham, the author of "The Essays of Warren Buffett" and the director of the University of Delaware's Weinberg Center, told Business Insider. "Buffett would likely agree that giving more Americans a long-term stake in the market — especially through low-cost vehicles like the S&P 500 — is both financially sound and socially beneficial," Cunningham said. The Berkshire chief, who bought his first stock at age 11, turns 95 in August, meaning he's been compounding his wealth for more than eight decades. Buffett has repeatedly said more than 99% of his wealth is in Berkshire stock, which he's owned since the 1960s. 'Eighth wonder' David Kass, a finance professor who's been following Buffett closely for nearly 40 years, told BI that Trump's program could help to reduce wealth inequality by "encouraging additional savings, providing more of a safety net, promoting financial literacy, and exposing everyone to a stake in corporate America while experiencing the 'eighth wonder of the world' — compounding." Berkshire declined to comment. It's worth noting that even if the program launched as planned and every American child owns a piece of the stock market from birth, lower-income parents might struggle to invest the maximum $5,000 a year into the account, allowing kids with more affluent parents to quickly pull ahead. Children from wealthier families might also have additional savings accounts and assets, other advantages such as access to better healthcare and education, and significant inheritances in their future, limiting the potential for a single government payout and account to narrow the wealth gap. Yet Buffett might still see the plan as a step in the right direction. He has long heralded compounding over decades as the secret to wealth creation, as it can turn even a small amount into a fortune. For example, a $1,000 investment that compounds at 8% annually for 65 years would be worth nearly $160,000.
CNBC
26 minutes ago
- CNBC
‘White collar' jobs are down — but don't blame AI yet, economists say
While there hasn't been much hiring for so-called "white collar" jobs, the contraction is not because of artificial intelligence, economists say. At least, not yet. Professional and business services, the industry that represents white-collar roles and middle and upper-class, educated workers, hasn't experienced much hiring activity over the past two years. In May, job growth in professional and business services declined to -0.4%, slightly down from -0.2% in April, according to the Bureau of Labor Statistics. In other words, the sector has been losing job opportunities, according to Cory Stahle, an economist at job search site Indeed. Meanwhile, industries like health care, construction and manufacturing have seen more job creation. In May, nearly half of the job growth came from health care, which added 62,000 jobs, the bureau found. More from Personal Finance:Here's what's happening with unemployed Americans — in five chartsThe pros and cons of a $1,000 baby bonus in 'Trump Accounts'Social Security cost-of-living adjustment may be 2.5% in 2026 However, economists have said that the decline in white-collar job openings is more driven by structural issues in the economy rather than artificial intelligence technology taking people's jobs. "We know for a fact that it's not AI," said Alí Bustamante, an economist and director at the Roosevelt Institute, a liberal think tank. Indeed's Stahle agreed: "This is more of an economic story and less of an AI disruption story, at least so far." There are a few reasons AI is not behind the declining job creation in white-collar sectors, according to economists. For one, the decline in job creation has been happening for years, Bustamante said. In that timeframe, AI technology "was pretty awful," he said. What's more, the technology is even now still in early stages, to the point where the software cannot execute key skills without human intervention, said Stahle. A 2024 report by Indeed researchers found that of the more than 2,800 unique work skills identified, none are "very likely" to be replaced by generative artificial intelligence. GenAI creates content like text or images based on existing data. Across five scenarios — "very unlikely," "unlikely," "possible," "likely" and "very likely" — about 68.7% of skills were either "very unlikely" or "unlikely" to be replaced by GenAI technology, the site found. "We might get to a point where they do, but right now, that's not necessarily looking like it's a big factor," Stahle said. While AI has yet to replace human workers, there may come a time where the technology does disrupt the labor force. "Certainly, jobs are going to transform," Stahle said. "I'm not going to downplay the potential impacts of AI." Stahle said that openings for consulting jobs focused on implementing generative AI have been rising. Over the past year, management consulting roles with AI language accounted for 12.4% of GenAI postings, showing signs of growing demand, per a February report by Indeed. A separate report by the World Economic Forum in January forecasts that by 2030, the new technology will create 170 million new jobs, or 14% of the current total employment. However, that growth could be offset by the decline in existing roles. The report cites that about 92 million jobs, or 8% of the current total employment, could be displaced by AI technology. For knowledge-based workers whose skills may overlap with AI, consider investing in developing skills on how to use AI technology to stay ahead, Stahle said.
USA Today
an hour ago
- USA Today
How will Trump's immigration crackdown in California impact the economy?
How will Trump's immigration crackdown in California impact the economy? Show Caption Hide Caption National Guard major general clarifies military's role in Los Angeles National Guard Major General Scott Sherman outlined the role of military personnel in Los Angeles and said troops will not conduct arrests. President Donald Trump's administration is stepping up deportation efforts in California with immigration raids at restaurants, traffic stops and routine legal check-ins. The immigration crackdown, while popular with voters in polls, has sparked protests in Los Angeles. Long term, economists warn that fewer immigrants could take a hit to the economy, prompting labor shortages and slowing economic growth. "Immigrants play a huge role in the California economy,' said Giovanni Peri, an economics professor at the University of California, Davis. Without immigrants, 'there will be less economic growth. Less opportunity, also, for local companies and American workers.' 'Wave of panic': Businesses are in crosshairs of Trump immigration crackdown Why the U.S. is 'immigrant dependent' The country's economy has become 'very immigrant dependent,' according to Christopher Thornberg, founding partner at Beacon Economics, a Los Angeles research and consulting firm. About 479,000 U.S.-born workers were added to the labor force over the last five years compared with 3.6 million foreign-born workers, according to an October report from the National Foundation for American Policy, a nonpartisan research organization. The report pointed to a spike in immigration and retirements, coupled with a slowdown in U.S.-born working-age population growth. In California, immigrants make up roughly one-third of workers and comprise an outsized share of the workforce in physically intensive sectors like construction and agriculture. Critics say these workers are lowering wages for American-born citizens or taking away jobs. But Peri said that doesn't pan out in the data. Immigrants may reduce wages for native-born Americans with competing skills, according to Harvard economics professor George Borjas, but it slightly increases the income of native-born citizens overall. A separate 2024 working paper co-authored by Peri found immigrants had no significant effect on wages for those born in the U.S. who are college educated and a positive effect on wages for their American-born peers who are less educated. Instead, Peri said immigrants are filling the holes in industries struggling to hire. Immigrants account for 28% of care workers in long-term care settings, according to the nonprofit health policy organization KFF. In California, immigrants make up 44% of manufacturing jobs and 40% of construction jobs, according to the Economic Policy Institute, a left-leaning think tank based in Washington D.C. Some of those jobs are held by undocumented workers. About 1.8 million people, or 17% of immigrants in California, were undocumented as of 2022, according to Pew. The vast majority – 1.4 million – had no legal protections through programs like Deferred Action for Childhood Arrivals or active asylum claims. "It would be lovely to deal with this with an expansion of the legal immigration system,' Peri said. 'But lacking that, undocumented immigrants are doing a lot of these jobs. And losing some of them would make the situation worse.' Pushing away immigrants, Peri argues, prevents companies from growing and creating more jobs that would benefit U.S.-born workers. One 2024 analysis from Jamshid Damooei, executive director of the Center for Economics of Social Issues at California Lutheran University, found work from undocumented employees created an additional 1.25 million jobs in California. And because the vast majority of undocumented immigrants are not criminals, but people who have been part of their local communities for years if not decades, 'in the majority of cases, the effects of just indiscriminately deporting these people is going to have very little benefit for the American people,' Peri said. Revenue vs. cost It's true that immigrants add costs for the government; they benefit from public education, health services and other state-specific policies. But research generally finds immigration tends to raise the federal government's revenue more than its costs, with immigrants adding an estimated $1.2 trillion in federal revenues between 2024 and 2034, according to the Congressional Budget Office. State and local governments' costs tend to increase more than their revenues from a surge in immigration, but Peri said the rise in immigration is a net benefit overall. Even undocumented workers, Peri argued, boost the government's coffers because they pay a considerable amount of taxes. At the same time, they are ineligible for most federal benefits like Social Security and food stamps. Undocumented immigrants contributed $8.5 billion in state and local taxes in 2022, according to a 2024 study from the Institute on Taxation and Economic Policy, a nonpartisan think tank. Trump and Newsom: Trump's battle with Newsom, California expands beyond immigration What happens if the immigration crackdown continues? Thornberg doesn't expect Trump to deport every undocumented worker in the country, and views the crackdown in California as 'more of a blown-up spectacle' that 'may get tied up in the courts.' Already, Trump has said he would back off certain deportation efforts to avoid labor shortages in areas like agriculture and hospitality. 'Our great Farmers and people in the Hotel and Leisure business have been stating that our very aggressive policy on immigration is taking very good, long time workers away from them, with those jobs being almost impossible to replace,' Trump said in a June 12 post on Truth Social. 'Changes are coming!' While an immediate labor shortage is unlikely, Thornberg believes we're more likely to see people discouraged from coming to the U.S. in the years to come, resulting in a tighter labor market. That could mean higher wages for workers as companies step up recruitment efforts, but it would slow economic growth overall. Trump's efforts to constrain immigration during his first term played out in a similar fashion; by 2019, the unemployment rate had dropped to 3.5%, its lowest level since 1969, with earnings up 3.5% from 2018. Meanwhile, economic growth slowed to 2.3%, down from 2.9% the year prior, according to the Bureau of Economic Analysis. Peri said a tight labor market could have ripple effects across the economy, such as driving up the cost to produce certain items. Companies may be more inclined to import cheaper goods at a time when the Trump administration is pushing for more U.S. manufacturing through tariffs. 'This could have a cascade of effects,' he said. 'There is no doubt at all that immigration and immigrants who do those simple, manual jobs are very important at making the economy go.'
