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Unions are part of the problem, but like Rudey said the pensions are the biggest.
You have airlines paying a number of people (I can't begin to guess) penisons, healthcare, etc and these people are not making any money for the airline. It's an anchor that has drowned many companies in the past and is going to do so again.
Once they get re-organized and don't have to pay billions out to people that don't make the airlines any money they will be financially sound. There are already a few other examples of how well this works. I believe that Southwest is one such example.
GM is probably going to do the same thing relatively soon.
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