Tag: bailout

U.S. railroad Amtrak warns of 2,400 additional job losses without new bailout

By David Shepardson for reuters.com (Reuters) – U.S. government-supported passenger railroad Amtrak said on Thursday that without a new government bailout it could be forced to cut more spending and train services which could lead to the loss of another 2,400 jobs. Amtrak last month told Congress it needs up to $4.9 billion in government […]

Amtrak needs $1.5 billion bailout, prepares to cut up to 20% of workforce

By David Shepardson for reuters.com U.S. passenger railroad service Amtrak said on Tuesday it needs a further $1.475 billion bailout and disclosed plans to cut its workforce by up to 20% in the coming budget year. Amtrak said it also plans to reduce its operating costs by approximately $500 million. The company, which has been […]

Railroad History Suggests Federal Bailouts Could Spell Doom for Airlines

The ultimate lesson of James J. Hill and his Great Northern Railroad is that the “winners” government picks today are the “losers” of tomorrow.   A famous saying, especially prescient in times like this, is “those who do not learn from history are doomed to repeat it.” Last month, Congress mortgaged the nation’s future in […]

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December 2022