There is no question that our airlines provide a network that moves people, goods, and mail around the country and overseas — essential to a prosperous and growing economy. Surely, it is in the national interest to see that they continue to operate. But that goal can be accomplished without bailing them out of the predicament they have created for themselves by returning 96% of their free cash over the past decade to shareholders rather than shoring up their balance sheets and preparing for the rainy day that has now arrived.

That use of funds drove share prices up and, not incidentally, the executive compensation schemes that are based, in part at least, on those share prices. Now they and their Democratic allies are pressing Treasury Secretary Steven Mnuchin to save them from the consequences of their profligacy.