Originally Posted by
BURflyer
The rich are getting richer during these times, the only ones suffering are low to middle class. The only explanation why fracs are suffering is because people are buying whole airplanes. Gas is cheap too.
I've got to disagree with this one. Its a nice election talking point but the election is over and it doesn't hold weight.
I deal with a lot of rich people, they are not getting richer during these times at all. One let his two pilots go and sold his B350 and was estatic that he was nearly able to pay the note off with the sale, the other has a $25 million dollar plane on a $1.9M a year note that he cannot afford to run. And because he is having such great losses in his business the tax benefit is gone too. He uses his black amex for everything and uses the miles to buy airline tickets and thats what he uses. Not his jet. He didn't pay taxes in 07 and 08 because he was funding his businesses out of his net worth.
I know thats a sob story many would love to hear, but remember, thats 4 pilots axed.
You can even see it in the G550s and Challenger 300s for sale, both were scarce a year ago with maybe 1-3 airplanes max available on the open market the remainder requiring you to approach owners with an unsolicited offer that was a sizeable premium over the price of a new one. Now both have more than two dozen airplanes available. If the rich were getting richer they'd be buying. They're not and corporate aviation is suffocating and thats not good for anyone right now from pilots, mechanics, FBOs, manufacturers, insurance companies, engine manufacturers, parts manufacturers, city's who love those property taxes, etc.
I feel bad for these XOJET pilots. Good luck & God bless.