John Danforth: “I would like to address the Senate on the question of the aerospace industry and particularly the matter of Airbus…”

“I would like to address the Senate on the question of the aerospace industry and particularly the matter of Airbus, because the Airbus situation has been so egregious and such a clear example of unfair trade practices against a major industry in the United States. The aerospace industry has truly been one of the flagship industries of our country. The aerospace industry has been one of the leaders with respect to export sales by the United States. We have been the premier aerospace manufacturer, and the only real competitor in the manufacture of commercial aircraft has been Airbus. Airbus is a consortium of European countries that have created a company, the Airbus company, Airbus industry, which has gotten into the business of commercial aircraft. It has gotten into the business of commercial aircraft with very, very heavy subsidies, production subsidies, research subsidies, development subsidies. As a matter of fact, the Airbus industry in its history--which I believe is certainly several decades old now, something like three decades--the Airbus industry has never made a profit. No private business can succeed without making a profit. No private business can stay alive without making a profit. The Airbus industry has never ever made a profit, but Airbus industry has been very heavily subsidized by European governments, subsidized, as of 1990 or 1991, whenever the latest computation I have seen was made, subsidized to the tune of $26 billion.”