Friday, October 31, 2014 06:15pm
North Adams, MA now: 46 °   
Send news, tips, press releases and questions to info@iBerkshires.com
The Berkshires online guide to events, news and Berkshire County community information.
SIGN IN | REGISTER NOW   

Home About Archives RSS Feed
The Independent Investor: What's Wrong With This Flight Plan?
By Bill Schmick On: 10:14AM / Friday March 21, 2014
Important
1
Interesting
0
Funny
0
Awesome
0
Infuriating
0
Ridiculous
1

The next time you board a regional airplane remember this. The co-pilots responsible for your safety are making the minimum wage. That means they are earning about as much as the guy hauling trashcans outside your local supermarket or flipping fast-food burgers and working a heck of a lot longer hours as well.

The disappearance of Malaysia Airlines Flight 370 has mystified the world. It has also brought the issue of flight safety on the front-burner again. The investigation has now centered on the possibility that someone on the flight crew tampered with or re-directed the flight path of the plane carrying 227 passengers. To me, it simply drives home the point that whether you are on an international flight or a regional puddle-jumper, your pilot is crucial to your survival.

As such, it is hard for me to accept that pilots, who are required to have a college education and countless hours of flight certification, can make as low as $22,000 a year or less and work 240-300 hours a month for that privilege.

Unlike most professions, pilots only get paid from the time the airplane leaves the gate until it arrives at its destination. So the typical pilot is only on the clock for 21.5 hours a week. That translates for a first-year co-pilot as no more than a gross weekly pay of $495. A pilot with a decade of experience might average around $1,312.

Why then does anyone want to be an airline pilot?

Many simply have a passion for it and will do anything to fly. In addition, regional airlines are considered a stepping stone to a much more lucrative job at one of the major airlines. The senior-most pilots who fly 747s or 777s can earn $200,000 or more a year. It may have required 35 years or so of poor pay and long hours to attain that level but, unfortunately, there are few such openings available given the overall number of working pilots.

The pilots of the missing Malaysian airplane are being investigated now as part of the government probe. Authorities believe that whoever disabled the plane's communication systems and then flew the jet according to a different flight path had to have a high degree of technical knowledge and flying experience. It illustrates how much control one individual can have over a great many people.

Although the amount of money you make does not necessarily reflect an individual's competence or sense of responsibility. I believe the airlines, in compensating their pilots, have sunk to new lows in their multiyear industry task of cost-cutting at the passenger's expense.

Like you, I have accepted most of these management changes with a modicum of grumbling. I have said nothing when, without warning or explanation, they cancel my flights (and the next one) simply because there are not enough passengers available to pack in like sardines in a can.

Although miffed, I also shelled out the extra money I'm charged to carry luggage on my trips. I had no choice. The fact that I now have to pay for seat selection as well as their lousy food and surly service, is the new normal in aviation.

But I draw the line at paying our pilots a minimum wage. After all, this is my life we are talking about. I don't like to entrust it to a young man or woman who is overworked, underpaid and probably less than motivated on a bad day. It is a wonder that we don't have more pilot safety issues already, but to their credit, these pilots, despite their slave labor, have consistently given their utmost to ferry their passengers to safety time and again in every kind of weather and obstacle.

If there was ever a reason to raise the minimum wage, this is one.

Bill Schmick is registered as an investment adviser representative with Berkshire Money Management. Bill’s forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Direct inquires to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com.



0 Comments
     
News Headlines
The Meat Market Offers Offal Dinner for All Hallow's Eve
'St. Vincent': Absolved of All its Sins
These Mysterious Hills: Pittsfield's Downtown Awash in Ghostly Legends
Pittsfield Debates Control Over School Department Budget
Lenox Calling Special Town Meeting
Community Bids Farewell to MCLA's Grant & Canavan
Adams COA Loads Up 'Buckets of Sand' for Local Senior Citizens
BRPC Concludes Train Station Study, Encourages Towns To Stay Involved
2014 Bazaars & Craft Fairs
Berkshire County Arc Launches 2014 Annual Campaign

Bill Schmick is registered as an investment advisor representative and portfolio manager with Berkshire Money Management (BMM), managing over $200 million for investors in the Berkshires. Bill’s forecasts and opinions are purely his own and do not necessarily represent the views of BMM. None of his commentary is or should be considered investment advice. Anyone seeking individualized investment advice should contact a qualified investment adviser. None of the information presented in this article is intended to be and should not be construed as an endorsement of BMM or a solicitation to become a client of BMM. The reader should not assume that any strategies, or specific investments discussed are employed, bought, sold or held by BMM. Direct your inquiries to Bill at 1-888-232-6072 (toll free) or email him at Bill@afewdollarsmore.com Visit www.afewdollarsmore.com for more of Bill’s insights.

 

 

 



Categories:
@theMarket (150)
Independent Investor (202)
Archives:
October 2014 (9)
October 2013 (1)
September 2014 (5)
August 2014 (7)
July 2014 (2)
June 2014 (6)
May 2014 (9)
April 2014 (8)
March 2014 (6)
February 2014 (6)
January 2014 (8)
December 2013 (8)
November 2013 (7)
Tags:
Election Markets Fed Debt Rally Fiscal Cliff Interest Rates Selloff Commodities Stock Market Japan Greece Stocks Banks Housing Energy Metals Oil Crisis Bailout Europe Euro Currency Deficit Retirement Europe Pullback Debt Ceiling Economy Recession Federal Reserve Stimulus Congress Jobs Taxes
Popular Entries:
The Independent Investor: Understanding the Foreclosure Scandal
The Independent Investor: Don't Fight the Fed
The Independent Investor: Does Cash Mean Currencies?
@theMarket: QE II Supports the Markets
@theMarket: Markets Are Going Higher
The Independent Investor: General Motors — Back to the Future
The Independent Investor: How Will Wall Street II Play on Main Street?
The Independent Investor: Will the Municipal Bond Massacre Continue?
@theMarket: Economy Sputters, Stocks Stutter
The Independent Investor: Why Are Interest Rates Rising?
Recent Entries:
The Independent Investor: Workers Get to Save More in 2015
@theMarket: All Clear
The Independent Investor: The Elephant in the Room
@theMarket: So far, So Good
The Independent Investor: OPEC's Oil Ploy
@theMarket: Are We There Yet?
The Independent Investor: Why Is This Recovery Different?
@theMarket: October Starts Off on High Note
The Independent Investor: Money & Divorce — What You Should Know
@theMarket: Wash, Rinse and Repeat


View All
Grant & Canavan Farewell...
MCLA President Mary Grant and her husband, James Canavan,...
Girls Soccer: Franklin Tech...
McCann Tech girls celebrate 3-0 semi-finals win advance to...
Girls Soccer: Pittsfield vs...
The Pittsfield and Wahconah girls soccer teams on Tuesday...
Soccer: Putnam vs McCann Tech
The McCann Tech boys soccer team closed out the home...
Soccer: Hoosac Valley vs...
MCLA Boo Bash 2014
The annual MCLA Boo Bash hosted by Berkshire Towers...
Girls Soccer: Commerce vs...
McCann girls soccer team Senior Day game on Monday...
Adams Lions Club Halloween...
Children followed the Hoosac Valley Marching Band down Park...
Girls Soccer : Mount Greylock...
Flynn scored her second goal of the game to stop a Hoosac...
Football: Mount Greylock vs...
The undefeated Wahconah High School football team shutout...
Football: Lee vs Monument
Saturday afternoon football Lee wins over Monument Mountain...
The Massachusetts Junior...
The Massachusetts Junior Classics League held its fall...
Football: Hoosac Valley vs...
Hoosac Valley overpowers Drury 63-12, Saturday afternoon.
Pittsfield Halloween Parade...
Monsters and zombies, princesses and Jedi ushered in the...
Soccer: Wahconah vs Lenox
Collin Parrott scored three times on Tuesday to lead the...
Girls Soccer: Wahconah vs...
Rachel Donahue scored with four minutes left to give the...
Grant & Canavan Farewell...
MCLA President Mary Grant and her husband, James Canavan,...
Girls Soccer: Franklin Tech...
McCann Tech girls celebrate 3-0 semi-finals win advance to...
Girls Soccer: Pittsfield vs...
The Pittsfield and Wahconah girls soccer teams on Tuesday...
Soccer: Putnam vs McCann Tech
The McCann Tech boys soccer team closed out the home...
Soccer: Hoosac Valley vs...
| Home | A & E | Business | Community News | Dining | Real Estate | Schools | Sports & Outdoors | Berkshires Weather | Weddings
Advertise | Recommend This Page | Help Contact Us | Privacy Policy| User Agreement
iBerkshires.com is owned and operated by: Boxcar Media 102 Main Street, North Adams, MA 01247 -- T. 413-663-3384 F.413-664-4251
© 2000 Boxcar Media LLC - All rights reserved