Let's say profit margins at TM are (hypothetical #'s) 20%, and a new CBA costs 10 to 15% of those margins. If management accepts the lower profit margin of 5 to 10%, and never raises rates to its customers, how will they be easier to compete with?
Raising the costs of our competition is always a good thing. Higher costs mean probably higher prices to customers and slower expansion, which benefits NJA. Fine with me.