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United States
Asia Pacific
Airline bailout: a failure?
Monday, 20 May, 2004
0
What’s been the impact of the US federal government’s post 9/11 airline bailout?
A failure, concluded The New York Times.
The $15 billion bailout of grants and loan guarantees hurt the industry more than it helped, the newspaper said in quoting experts.
They said the process only allowed failing carriers to keep flying at the expense of other carriers.
In the past, failing US airlines went out of business or merged.
Robert Reich, a former labor secretary, complained that politics took over the bailout program.
Report by David Wilkening
David
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