Terminal Decline: A closed Spirit Airlines ticketing counter at Fort Lauderdale International Airport after the airline’s collapse.

How to Think About Spirit’s Failure—and the Airline Crisis

by Ganesh Sitaraman May 14, 2026May 13, 2026

If the only way for airlines to survive is to constantly merge or get bailed out by the government, then it’s time to admit that the industry is more like a public utility than a competitive market.

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