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President-elect Donald Trump on Wednesday announced former Sen. Kelly Loeffler as his pick to lead the Small Business Administration. “Kelly will bring her experience in business and Washington to reduce red tape, and unleash opportunity for our Small Businesses to grow, innovate, and thrive. She will focus on ensuring that SBA is accountable to Taxpayers by cracking down on waste, fraud, and regulatory overreach,” Trump posted on Truth Social, also noting that she’s co-chairing his inauguration. There had been several discussions between Loeffler and the transition team regarding the role of Agriculture secretary, and CNN reported last month that Trump had been poised to offer her the position. But Trump held off from announcing his Agriculture pick as he issued a slew of others late last month, then eventually offered the role to Brooke Rollins . Loeffler, who briefly represented Georgia in the Senate, had fundraised for Trump during the 2024 race and raised several million dollars for his campaign over the summer when she hosted a debate watch party with Republican National Committee Chair Michael Whatley. Several of Trump’s other Cabinet picks — including Sen. Marco Rubio and Rep. Elise Stefanik — were at that party. Loeffler was among the wealthiest lawmakers during her short time in Congress. Her husband, Jeffrey Sprecher, is the CEO of the Intercontinental Exchange, which owns the New York Stock Exchange. When running for election in 2020, she announced she and her husband were divesting from individual stocks amid sharp criticism over trades she and other lawmakers made ahead of the market downturn caused by the coronavirus. Appointed to the Senate by Georgia Gov. Brian Kemp over the wishes of Trump, Loeffler lost her seat in a 2021 runoff to Democratic now-Sen. Raphael Warnock. Loeffler was a staunch Trump ally in Congress, saying prior to the violence on January 6, 2021, that she planned to vote against certifying her state’s electoral results in support of Trump’s broader effort to upend Joe Biden’s 2020 election victory. After the US Capitol attack, Loeffler backed off her objection, saying on the Senate floor: “When I arrived in Washington this morning, I fully intended to object to the certification of the electoral votes. However, the events that have transpired today have forced me to reconsider, and I cannot now in good conscience object to the certification of these electors.” In the same speech, Loeffler condemned the violence at the Capitol, calling it “abhorrent.” Loeffler was among the witnesses who appeared before the grand jury as part of Trump’s 2020 election subversion criminal case in Georgia. Before joining the Senate, Loeffler served as an executive at a financial services firm in Atlanta. She was also a co-owner of the WNBA’s Atlanta Dream. Loeffler would need to be confirmed by the Senate to lead the Small Business Administration. Linda McMahon, a major Republican donor and Trump’s pick to be the next education secretary , served as the administrator of the agency during Trump’s first term. She resigned in 2019 to become the chair of America First Action, a pro-Trump super PAC. This story has been updated with additional details.Kyiv says fatalities among its soldiers since Russia’s full-scale invasion in 2022 have reached 43,000, a rare estimate much lower than a figure offered by President-elect Donald Trump. The toll was revealed by President Volodymyr Zelenskyy in a statement on the social media platform X on Sunday, hours after Trump claimed that Ukraine’s had “lost” 400,000 soldiers. Still, it’s unclear if Trump was referring to wounded troops as well as those killed. Zelenskyy said there had been 370,000 cases of “medical assistance for the wounded” on the battlefield, including light or repeat injuries. About half of the Ukrainian soldiers wounded in action have later returned to service, he said. In a Truth Social post on Sunday, the morning after a meeting in Paris with Zelenskyy and French President Emmanuel Macron, Trump provided an estimate of casualties for both Ukrainian and Russian troops in the almost three-year old war. “Close to 600,000 Russian soldiers lay wounded or dead,” Trump said. Russia’s defense ministry doesn’t publish casualty estimates. Trump called for an “immediate ceasefire” followed by negotiations, adding that Zelenskyy “would like to make a deal” to end the war. While Ukraine’s government doesn’t deny it seeks peace, it has repeatedly stressed the necessity of obtaining meaningful guarantees from its allies, led by the U.S. “When we talk about an effective peace with Russia, we should first of all talk about effective guarantees of peace,” Zelenskyy said in Sunday’s X post. The war “cannot simply end with a piece of paper and a few signatures,” Zelenskyy said. “A ceasefire without guarantees can be reignited at any moment.” Kremlin spokesman Dmitry Peskov also responded to Trump’s social media post, repeating Moscow’s message that it’s open to talks but referring to “conditions” outlined in July by Putin. That included “taking account the realities emerging ‘on the ground,” Peskov said, at a time Russian forces have been making steady advances through parts of eastern Ukraine. The updated fatality estimate from Zelenskyy implies that about 12,000 service members have died since February, when Ukraine’s leader officially estimated the death toll at 31,000. In an interview with Japan’s Kyodo News published on Dec. 1, Zelenskyy denied reports that as many as 80,000 Ukrainian soldiers had been killed. The Wall Street Journal reported the figure in September, citing sources it didn’t identify. Meanwhile, the U.S. Defense Department announced Saturday that it is committing an additional $988 million to help Ukraine in the Russian invasion, including munitions for rocket systems and unmanned aerial systems. The aid by President Joe Biden’s administration is meant “to ensure Ukraine has the tools it needs to prevail in its fight against Russian aggression,” the Pentagon said in a statement. It’s the administration’s 22nd package of security assistance to Ukraine.

How Much Did US Airfares Cost in the 1970s? The 1970s are often remembered as a golden age of air travel, filled with luxurious in-flight experiences and spacious seats . However, airfares during this era were significantly higher than today, often making air travel a privilege for wealthier individuals. Examining how much US airfares cost in the 1970s provides insight into the broader economic and regulatory factors that shaped the industry. Here's a detailed exploration based on data from historical records and insights from sources like Travel + Leisure , Wealth and Poverty Center , and others. In the 1970s, inflight meals were a big deal, but following the 1978 deregulation act, airlines became more interested in making a profit. The economic landscape of the 1970s Air travel in the 1970s was seen as a luxurious mode of transportation, with prices that reflected its exclusivity. According to Travel + Leisure, a domestic round-trip ticket, such as from New York to Los Angeles, could cost upwards of $550, which, when adjusted for inflation, equals approximately $3,500 in today's dollars. International travel was even more costly; a one-way ticket from New York to London often exceeded $300, or over $2,000 in modern terms. These high prices were reflective of several factors. This limited competition among airlines and kept fares artificially high. Second, running an airline was significantly more expensive at the time. Fuel efficiency was lower, aircraft maintenance was more labor-intensive, and technological advancements that reduce costs today, such as computerized booking systems, were in their infancy. Then and now, the cost of domestic US travel: Route 1970s Ticket Price Inflation Factor Adjusted Price (2024) Current Price (2024) New York (JFK) to Los Angeles (LAX) $150 7.1 $1,065 $300 San Francisco (SFO) to Honolulu (HNL) $200 7.1 $1,420 $400 Chicago (ORD) to Miami (MIA) $138 7.1 $980 $250 Boston (BOS) to San Juan (SJU) $160 7.1 $1,136 $350 Dallas (DFW) to New York (JFK) $125 7.1 $888 $275 The role of regulation in airfare pricing Regulation played a crucial role in shaping airfares throughout the 1970s. As the Wealth and Poverty Center noted, the CAB dictated nearly every aspect of airline operations, from pricing to scheduling. While this ensured stable operations and profitability for carriers, it also led to a lack of competition. Airlines often competed on service quality rather than price, leading to a focus on luxury at the expense of affordability. This meant elaborate in-flight meals, piano lounges on widebody jets, and generous seating arrangements, but all came with a high price tag. The Airline Deregulation Act of 1978 dramatically changed this landscape. According to USA TODAY , deregulation allowed airlines to set prices and compete on new routes. This led to a surge of competition and a significant drop in fares. Low-cost carriers like Southwest Airlines began to emerge, offering stripped-down services at a fraction of the price. The move had long-term consequences. Comparing fares: domestic and international routes Looking at specific routes highlights the stark difference in pricing between the 1970s and today. A round-trip ticket from New York to Los Angeles cost approximately $150 in 1970—around $1,000 in 2024 dollars, as noted by Fodor's TravelCommunity . On international routes, the costs were even steeper. A flight from New York to Paris often costs $250 one-way, equivalent to more than $1,500 today. By comparison, current fares for these routes have drastically fallen. The same trip from New York to Los Angeles can often be found for under $300, and international tickets to Paris start at around $500 for economy seats. These changes illustrate the profound effect deregulation and technological advancements have had on making air travel more accessible to the general population. As the aviation industry has changed, so too have the prices. The luxury experience of the 1970s Part of what made air travel so expensive in the 1970s was the focus on luxury. Airlines compete for customers by offering amenities that are virtually unheard of today. As described by USA Today, flights often include multiple-course meals served in fine china, complimentary cocktails, and wide seats with generous legroom—some aircraft, such as the Boeing 747, featured lounges and bars where passengers could socialize. However, this luxury comes at a significant cost. Airlines pass these expenses onto passengers in the form of higher ticket prices. According to Travel + Leisure, these in-flight experiences were integral to airlines' marketing strategies, but they also limited the number of passengers who could afford to fly. The inflation-adjusted cost of air travel Adjusting 1970s airfare costs for inflation further emphasizes how exclusive air travel was at the time. According to Fodor's Travel Community, a domestic ticket costing $150 in 1970 would equate to over $1,000 today. By contrast, average domestic fares in 2024 are around $300, demonstrating how deregulation, increased competition, and advancements in aircraft efficiency have brought prices down. Internationally, the inflation-adjusted costs are even more striking. A one-way ticket from the United States to Europe, which might have cost $250 in the 1970s, now averages about $500 round-trip despite significant fuel and operating costs increases. As noted by The Telegraph , modern carriers can offset these costs by flying more efficient aircraft and filling more seats on each flight. The post-deregulation era and its benefits The Airline Deregulation Act of 1978 ushered in a new era of affordability and accessibility in air travel. Airlines gained the freedom to set their prices, and competition flourished. Low-cost carriers entered the market, introducing a no-frills model prioritizing affordability over luxury. According to the Wealth and Poverty Center, the result was a dramatic increase in the number of Americans who could afford to fly. Passenger numbers rose from 207 million in 1975 to over 900 million in 2024. This increased competition has also led to innovation. Airlines adopted more efficient aircraft, implemented computerized reservation systems, and began offering frequent flier programs to attract customers. The focus shifted from luxury to accessibility, fundamentally changing the nature of air travel. Get up to date on all the latest aviation news right here on Simple Flying! The deregulation era in brief: Pre-1978 Regulation: The U.S. airline industry was heavily regulated by the Civil Aeronautics Board (CAB), which controlled routes, fares, and market entry, leading to limited competition and high fares. Airline Deregulation Act of 1978: Enacted to remove federal control over fares, routes, and market entry, aiming to increase competition and reduce airfares. Increased Competition: Post-deregulation, numerous new airlines entered the market, intensifying competition and leading to fare reductions. Hub-and-Spoke System: Airlines adopted this model to optimize routes and increase efficiency, centralizing operations through major hub airports. Low-Cost Carriers Emergence: Airlines like Southwest Airlines capitalized on deregulation by offering no-frills services at lower prices, making air travel more accessible. Industry Consolidation: Increased competition led to financial challenges for many carriers, resulting in bankruptcies and mergers, significantly reducing the number of major airlines.Alisyn Camerota, ‘New Day’ Star, to Exit CNN

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