I am all for reducing the deficit. But the Obama Administration's proposal to raise revenues by increasing taxes on airline tickets is a bad idea. As I describe in my most recent book SOFT LANDING, the airline industry is already a loss leader for the United States - and much of the world. What government kicks in every year to keep the airlines operating far exceeds whatever profits the industry can generate.

Governments around the world spend billions each year to maintain a quality air transport system, knowing full well it is not a real industry. The trade-off is a good one, because a stable airline industry is in the national interest.

To tax a loss leader makes no sense whatsoever!