Millions of Americans are already out of work as the airline industry begins its expected round of layoffs and furloughs with CARES funds having expired on September 30th. As stimulus talks between House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin continue, airlines are demanding that relief be brought to the industry.
Sara Nelson, president of the Association of Flight Attendants said lawmakers have to understand that the country is in dire need and that lives are at stake.
"I'm a union negotiator and negotiations are about problem solving and getting results; and today, they can get results and they can come to a compromise that gets relief to people and doesn't make this crisis worse," Nelson told Cheddar.
Under the CARES Act, airlines were entitled to loans totaling nearly $30 billion in payroll support, and passenger lines were able to apply for an additional $25 billion.
According to Nelson, since industry employees have been out of work, the damage to their lives has been devastating, including being forced into homelessness, facing mounting debt, and reports of suicide.
"You cannot get someone's life back," she said. "You cannot retroactively fix these things and so we need to get out in front of it and get relief to Americans now."
Stimulus Relief: Airline Employees vs. Other Workers
Stimulus talks in Congress have stalled, largely because of disagreements surrounding the amount of stimulus that should be pumped back into the economy, but also because there are "real concerns about unlimited liability waivers that would put workers in more danger" and tracking funds to ensure they are being allocated properly, Nelson explained.
Furthermore, when it comes to the importance of the airline industry to the rest of the U.S. economy, she said the loss of jobs in the skies will have a ripple effect on the ground.
"Every single airline job supports another three and a half jobs in the economy," the union leader noted.
For those concerned that the airline industry could take precedence over the rest of the U.S. workforce should some form of the CARES Act be renewed, Nelson said the loan program was meant to be a model for all industries and a boost for Americans in need.
"It's a workers first plan," she noted. "This money is a jobs and infrastructure program. It could only be passed through to the workers so that we are not making the unemployment lines long that are now being turned into bread lines. We are not making the economy worse. We are continuing to stay strong, do our part, and pay into the economy."
While travel has returned to about 40 percent of the demand compared to the same time last year, revenue is only at 20 percent, Nelson claimed. Despite COVID-19 surges reported in various parts of the country, she added that, when following guidelines and airline protocols, it is safe to fly.
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
U.S. sports betting is booming as NFL and college football fuel massive activity. BetMGM CEO Adam Greenblatt breaks down trends, growth, and what’s next.
