Bloomberg Businessweek FAA Weighs Pullback in Newark Flights; Trump Floats Tax on Rich
May 9, 2025
George Ferguson, a senior analyst at Bloomberg Intelligence specializing in aerospace and defense, joins the discussion alongside Erik Wasson, a congressional reporter for Bloomberg News, and Howard Fu, CFO of Procore. They delve into the FAA's plans to address recent flight disruptions at Newark Airport. The conversation also explores former President Trump's flirtation with a tax plan targeting the wealthy and its implications. Additionally, Fu shares insights on the construction sector's challenges, including labor shortages and material costs, highlighting Procore's role in navigating these hurdles.
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Safety Issues at Newark Airport
- Two radar system failures at Newark airport have raised serious safety concerns despite official assurances.
- The FAA's shift of control operations to Philadelphia has encountered technical and staffing challenges that must be urgently addressed.
US Air Traffic Control Challenges
- The US air traffic control system is a patchwork of old and new technology with funding and recruitment challenges.
- Air traffic controllers face stressful conditions and potentially insufficient pay, especially in high-cost areas like Long Island.
Trump's Mixed Signals on Wealth Tax
- Trump publicly wavers on taxing the wealthy but privately pushes for it to fund other tax cuts.
- GOP leadership largely opposes this tax hike due to political risks ahead of 2026 midterms.