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PAN AM SHUTDOWN IS YET ANOTHER TRAGIC LOSS, PILOTS UNION SAYS

 PAN AM SHUTDOWN IS YET ANOTHER TRAGIC LOSS, PILOTS UNION SAYS
 WASHINGTON, Dec. 4 /PRNewswire/ -- The following statement was issued today by Captain Randolph Babbitt, president of the Air Line Pilots Association, in response to the shutdown of operations by Pan American World Airways:
 This country is in desperate need of a national transportation policy that will protect and nurture our transportation system. Instead, we have the White House stubbornly clinging to its version of voo-doo economics, a laissez faire policy that is making our airlines walk the plank one company at a time.
 The shutdown of Pan American World Airways is yet another unfortunate example of how our government's supposedly pro-business policies are squandering our nation's most vital economic resources. And once again, we have a situation where everyone loses. Thousands of employees will be thrown off the payroll and onto the unemployment rolls, to be supported by the taxpayers. Taxpayers also will be on the hook for up to $800 million in pension losses that will be laid at the doorstep of the Pension Benefit Guaranty Corporation. The loss of another airline competitor will result in higher consumer prices; and creditors, stock and bond holders all will take a bath before the accounts are settled.
 The corporate body count in the airline industry continues to rise, but the policymakers in the White House are satisfied because "this is the free market at work." This policy of "economics by bankruptcy" is literally a bankrupt policy, and it can no longer be tolerated. It's time we stopped worshipping at the altar of laissez faire and realized that the victims we are sacrificing to this ideological demon are real human beings, whose lives and livelihoods are being destroyed for the sake of an ancient, ivory tower theory.
 We understand that Secretary of Transportation Samuel Skinner may be in
line for the top White House staff position. As the person who will be closest to the President's ear, we have a message for him to carry across the mall from DOT to the White House: We need government action, not abdication. Do something now, before it is too late. We already have squandered America's worldwide leading position in automobiles and steel and electronics. We cannot afford to add air transport to that list.
 -0- 12/4/91
 /CONTACT: John Mazor of the Air Line Pilots Association, 202-797-4060/ CO: Air Line Pilots Association: Pan American World Airways ST: District of Columbia IN: AIR SU:


TW -- DC017 -- 9275 12/04/91 14:05 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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