EAST LANSING, Mich. (WLNS) — An East Lansing consulting firm has issued an analysis estimating that a 10-day UAW strike against the Big Three automakers could result in economic losses exceeding $5 billion.

Anderson Economic Group of East Lansing released the analysis on Thursday, saying that in its calculations of the potential economic loss, the firm estimated potential losses to UAW workers, the manufacturers, and the auto industry as whole.

AEG said that a 10-day strike against all three automakers would result in wage losses of $859 million and manufacturer losses of $989 million.

“When the UAW went on strike against GM in 2019, Michigan experienced a single-quarter recession,” said AEG’s principal and CEO, Patrick Anderson.

The 2019 strike involved 48,000 workers at more than 50 plants and lasted for six weeks. Anderson went on to say that if a potential strike in 2023 were to involve more workers, more manufacturers, and more plants, “even a short strike would impact economies throughout Michigan and across the nation.”

UAW said its current demands include double-digit pay raises for workers — Big Three CEOs have seen an average pay spike of 40% in the last four years — and more paid time off to be with families. UAW members often work 60-80 hours per week to make ends meet, say union officials.

Other UAW demands include an elimination of pay tiers; Cost of Living Adjustments; defined benefit pension for workers; retiree medical benefits; right to strike over plant closures; working-family protection program–meaning that in the case of a plant shutdown, automakers will have to pay UAW members for community-service work; an end to abuse of temp workers; and a “significant increase in retiree pay,” according to the union.

According to AFL-CIO and Detroit Free Press, The Big Three companies’ CEOs’ annual pay is about $29 million, $21 million and $25 million, respectively. AFL-CIO said the average CEO-to-worker pay ratio was 272-to-1 for S&P 500 Index companies in 2022.