How many airplanes will be flying????
CEO Timothy Hoeksema made that statement in a memo sent Wednesday to employees of Midwest Air, which operates Midwest Airlines and Midwest Connect. The carrier, battered by record-high fuel prices, hopes to restructure its finances and become a smaller, leaner operation to avoid Chapter 11 bankruptcy.
Midwest is seeking pay cuts of 45% to 65% from pilots and 34% to 56% from flight attendants, say union officials.
Why is the CEO taking only a 40% paycut and asking pilots for upto a 65% paycut?
Remember, at the end of the day, we are all each others customers. You keep cutting pay or laying off workers, and the costs for everything exploding....pretty soon everything shuts down.
Right now things ARE shutting down. Almost every airline is shrinking. So are auto companies. So are health insurers. So are coffee chains. So are retailers. Banks too.....among many other businesses.
The value for everything is crashing. Real Estate, Stocks, Bonds, Businesses, Money, ect.........
Never in American history has wages fallen backwards so quickly and costs risen so fast. The effects will compound upon each other. Each quarter will be worse than the previous. Each month slower until each week and day become noticable.
Food banks are running out of food. People are stealing $100 manhole covers to get $10 in scrap. More and more becoming homeless because they can't make their mortgage and rent payments. Sustainable wages are becoming harder and harder to find.
Again, not a word from our politicans....do you hear any of them offering to take paycuts or pay more health benefits?