'The fact is, you have to let some of them go bankrupt,' the businessman told CNBC on Thursday, arguing against new pandemic aid for the U.S. airline industry.
, said he believes the U.S economy will be substantially altered as a result of the pandemic, with consumers adopting new behaviors. For example, O'Leary said, "I am convinced business travel will drop 15% to 20% even after the vaccine hits."
However, O'Leary, who has numerous business investments through "Shark Tank," said there is a role for the government to play in providing assistance to workers during the upheaval. "I don't mind giving employees some support during this transition, this digital pivot that's occurring in the economy." He also runs an exchange-traded fund company, O'Shares ETFs.
, said he believes in O'Leary's premise that a free market should decide the winners and losers. However, he stressed the public-health crisis is a difficult operating environment for business, especially airlines. He said there would be benefits in providing aid that allows the carriers to retain workers.
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