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Wikimedia Commons, Frank Sinatra's "Come Fly With Me" was the best-selling album in the United States for five weeks in 1958, but the irony of its popularity (or, maybe, the source of its aspirational appeal) is that almost none of us might take up the deal to "move, starry-eyed" on an aircraft with anyone in those days.

There was an easy factor. Flying was ridiculously pricey. And there was simple factor why flying was absurdly costly. That was the law. There are many sad stories to tell about the U.S. economy in the last 30 years, however here's a happy story for everybody (except the airlines), from extreme capitalists to the most liberal customer advocates.

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Airlines tickets have actually fallen by about 50 percent since 1978... and, even after you include the recent uptick in fees, the per-mile cost of flying has likewise been chopped in half. A delighted story for consumers isn't necessarily a pleased story for the airline company market, which bled a remarkable $51 billion between 2001 and 2011 and lost money in every other year given that 1981.

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Prior to 1978, the airline companies played by Washington's rules. The government identified whether a brand-new airline could fly to a certain city, charge a particular price, or perhaps exist in the very first location. With minimal competitors, airlines were ensured an earnings, and they lavished flyers with costly services paid with pricey airlines tickets.

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With costs skyrocketing during the energy crisis of the 1970s, an all-star team of senators and economists chose that Washington needs to get out of business of coddling the airlines. Let's speak with a young previous aide to Sen.  Read More Here  called Stephen Breyer (oh, yeah, that Stephen Breyer) examining the totally free market case for letting airline companies fly solo: In California and Texas, where fares were uncontrolled, they were much lower.

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And an intra-Texas airline company boasted that the farmers who utilized to drive throughout the state might fly for even less money-- and it would bring any chicken cages totally free. Three decades later, the lesson from Texas-- if you deregulate the skies, ticket prices will fall-- has actually been applied across the nation.