While this is true, what makes this double whammy of a gut punch is Delta and United are doing their fleet renewal through cash and still raking in the profits. So no increased debt as they take on new planes and still kicking our butt financially. Granted a downturn may change their paying cash for the new planes plan and take on debt, but they are in a good position to do so.

I am skeptical of United's growth marketing of how every plane on the books is growth vs replacement, but even if that changes and most of the planes turn from growth to replacement, United won't be hampered like we are with their fleet renewal.