My predecessor here at the Department of Transportation, Secretary Federico Pe a, also embraced this concept. America has a new consensus. The traditional regulatory mindset is on the way out. And it isn't coming back. The overall benefits of airline deregulation to the flying public are easy to document.
More people fly and the average ticket price has fallen by one-third.
As this audience knows all too well, the impact of deregulation on the airlines has varied with economic conditions. The President took quick action to aid the industry. Within a month of taking office, he assembled the industry leaders and established an airline commission to examine the issues and craft solutions. The answers he got were the right answers. The big reason for this turnabout is that the President made jump-starting the stalled U.S. economy, priority one.