Can we also add how US airlines got a $25B bailout in 2020? When an industry knows they’ll be saved by Uncle Sam, why operate efficiently? Instead of using the money to keep people on payroll, they offered employees a bonus to quit voluntarily, leading to the severe staff shortages and cancellations of the last 18 months.

We should have let them fail.

It would have been crazy for a minuet, but investors would have bought and kept them running. A smart investor would love to pay a deeply discounted price to instantly own a company with 20% market share in an essential, and protected, industry.

But nope. Instead we the handed the Prodigal Son another $25B and sent him out and told him to be a good boy.

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I'm not totally against the airline bailout of 2020. It's not great policy for the government to ruin an industry and not provide aid. Now, why that bailout didn't come with conditions is a different issue.

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