When this first started every airline was on the defensive. After the government aid and the liquidity markets reopening it is clear that SWA is transitioning to the offensive. Possibly the only airline that won’t be too burdened with debt to take on a recession after a pandemic.

With traffic still down 93% and obvious uncertainties, it’s still too soon to say no furloughs. Historically airlines don’t furlough for temporary drops in demand, they furlough to avoid bankruptcy. If they can’t get back a majority of the original market share they will most likely take it from the competition that’s not as financially prepared.