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To: Speaker Pelosi and President Trump
No Taxpayer Bailouts for Airline Shareholders
The airline industry is asking for a massive federal bailout of taxpayer money, but when times were good, Delta, American, Southwest and United took $39 billion in profits and bought back their own shares to benefit wealthy shareholders rather than improving employee pay or saving the money for a rainy day fund.
Now, they are asking all of us to bail out their shareholders. But shareholders take a risk when they invest in companies -- and get rewarded handsomely when companies do well -- but they should also own the risk when harder times come.
American taxpayers shouldn't be responsible for providing a safety net for wealthy investors. Speaker Pelosi and President Trump should refuse to approve any giveaways to the airline industry. Yes -- we want air travel to exist after this crisis passes, but any aid should be in the form of loans, not giveaways. In return for taxpayer funded loans, airlines should have to meet the following requirements:
-- Maintain pay and benefits for every worker
-- No CEO bonuses, stock buybacks or dividends until the federal loan is repaid
-- No breaking contracts through bankruptcy
Now, they are asking all of us to bail out their shareholders. But shareholders take a risk when they invest in companies -- and get rewarded handsomely when companies do well -- but they should also own the risk when harder times come.
American taxpayers shouldn't be responsible for providing a safety net for wealthy investors. Speaker Pelosi and President Trump should refuse to approve any giveaways to the airline industry. Yes -- we want air travel to exist after this crisis passes, but any aid should be in the form of loans, not giveaways. In return for taxpayer funded loans, airlines should have to meet the following requirements:
-- Maintain pay and benefits for every worker
-- No CEO bonuses, stock buybacks or dividends until the federal loan is repaid
-- No breaking contracts through bankruptcy
Why is this important?
Over the last few years, airlines in the United States have made huge windfall profits by packing planes like sardines and adding fees to checked bags and other amenities that used to to be included in the prices of a ticket. Then, rather than saving for a rainy day, Delta, American, Southwest and United collectively spent about $39 billion over the last five years buying back shares. These share buybacks benefitted wealthy shareholders, not workers, and now that times are suddenly tough these same airlines are asking for free money from the government to bail them out so that their shareholders don't lose money.
Meanwhile, workers' paychecks are at risk. Government action during a time of crisis should focus on actions that benefit our country broadly, rather than a special interest group.
We need to stand up and make our voices heard when any industry tries to use a time of crisis to use public funds for their own benefit.
Meanwhile, workers' paychecks are at risk. Government action during a time of crisis should focus on actions that benefit our country broadly, rather than a special interest group.
We need to stand up and make our voices heard when any industry tries to use a time of crisis to use public funds for their own benefit.