If, nationally, this is the endgame for unions, a lot still hinges on how that endgame will be played. It’s useful to think in the brutally reductive terms of Wall Street. The gains to be made from the legacy business of picket lines are limited, but there is still plenty of capital built up for unions to spend in the legislative arena. That effort has already started. Not long ago, policy-makers talked about raising the minimum wage by $1 or $2 an hour. Now New York and California have approved a $15 hourly minimum wage, and Fight For $15 has gone national.

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