How many choices to passengers have?
Not many choices, CW, but one of them is to stop using the airlines. I haven’t flown in 13 years. If I can’t drive there, I don’t go. Business dealings, weddings, funerals.. What if every business that flys its people around says lets cut back 90% and we can save that money?
Even heavily subsidized businesses can go broke. Even the US Post Office, the king of subsidized businesses, may fold its tent.
Consolidation certainly makes the “transition” to state run smoother.