Just eight months after the Biden administration successfully blocked a merger between Spirit Airlines and JetBlue, the former filed for Chapter 11 bankruptcy, necessitating its delisting from the New York Stock Exchange and wiping out tens of millions of dollars of shareholder value. Should Spirit’s restructuring fail and the budget airline exit the market altogether, airline ticket prices, which have already soared by 26% since President Joe Biden and Vice President Kamala Harris took office, will continue to climb upward thanks to diminishing domestic competition.
Spirit’s bankruptcy simply exemplifies the excesses of Biden’s disastrous war on mergers and acquisitions. The sheer predictability of the bankruptcy, which Spirit warned was inevitable without the JetBlue merger, provides a further license, if not outright mandate, for President-elect Donald Trump to reverse Biden’s war on economic growth on day one of his return to the Oval Office.
