Now compare that with the airline industry.
In April, Congress passed a $50 billion bailout for the airlines, including $25 billion in subsidized loans and another $25 billion meant to keep most airline workers employed until the end of September. As predicted, since consumers were not yet ready to fly, this taxpayer-funded bandaid only postponed the inevitable.
American Airlines and United Airlines furloughed 32,000 employees in the fall, claiming they had no choice without another $25 billion. So House Speaker Nancy Pelosi (D–Calif.), President Donald Trump, and many Senate Republicans drew the obvious conclusion: The bailout should be bigger.
Advocates of the additional $25 billion bailout say a new injection of funding will be used to restore 35,000 jobs. But as my colleague Gary Leff and I show in new research published by George Mason University’s Mercatus Center, the math doesn’t add up.
Continue reading your story on the app
Continue reading your story in the magazine
WHY IS AMERICA STILL IN SYRIA?
TRUMP BROUGHT CHAOS TO A REGION ALREADY ON THE BRINK, AND THE UNINTENDED CONSEQUENCES OF HIS ACTIONS WILL REVERBERATE FOR YEARS TO COME.
‘JOURNALISTS ARE AUTHORITARIANS'
Glenn Greenwald discusses what went wrong at the outlet he co-founded, what’s wrong with the ACLU, and what might go wrong in the Biden administration.
Trump Wasn't a Dictator, but He Played One on TV
THE 45TH PRESIDENT BUSTED NORMS LEFT AND RIGHT. BUT THE ABUSE OF EXECUTIVE POWER DIDN’T START AND WON’T END WITH HIM.
THE SILVER LINING IN BIDEN'S MASSIVE HOUSING PLAN
A DEMOCRATIC WHITE House and a Republican Senate might be the best of all worlds when it comes to federal housing policy.
PRESERVE YOUR SANITY BY PRESERVING FOOD
Canning is a hedge against uncertainty, an education in self-reliance, and a pocket of calm amid tumult.
IN DEFENSE OF COVID BILLIONAIRES
PEOPLE LOVE TO hate billionaires. And they really love to hate large pharmaceutical companies.
DON'T PACK THE COURT
JOE BIDEN SHOULDN’T REPEAT FDR’S BIG MISTAKE.
CONGRESS TARGETS AMAZON, APPLE, FACEBOOK, AND GOOGLE FOR BEING POPULAR
WITH FRESH FACES in the White House and Congress, many Trump-era political agendas will soon be discarded.
BIDEN PLEDGES TO REJOIN PARIS CLIMATE AGREEMENT
“TODAY, THE TRUMP Administration officially left the Paris Climate Change Agreement,” tweeted President-elect Joe Biden on November 4, 2020. “And in exactly 77 days, a Biden Administration will rejoin it.”
A Silicon Curtain Descends
TRUMP ESCALATED AMERICA’S WAR AGAINST HUAWEI AND CHINA. BIDEN SHOULD BEWARE BURGEONING TECHNONATIONALISM.