While I’ve been vocally against airline bailouts, one of my main frustration is that proponents have couched their support in terms of ‘the workers’ even though much of the money goes to the airlines themselves and protects investors and creditors. There’s been very little honest attempt to make the true case for payroll support grants.
So let me at least lay out what seems to be the strongest argument against my own position. It comes down to a bet that we’ll be past the virus in April 2021, that airlines won’t invest enough in their businesses to be ready to grow in the meantime, and that the country benefits most from having airline capacity.