I think all the mergers are to blame, first and foremost. We're down to only three big legacies now in the U.S., and we saw with both the automakers in the 70s and the big 3 TV networks in the era before cable that you could have lots of bad product and not enough competition if you had only three major players.

Combined with a recovery in demand after the great recession, it has meant lots of very deliberate attempts to cut benefits, so much so that ULCCs can claim now that THEY have more generous programs for most people and especially for mostly leisure travelers.

I'm told that hotels are a similar story with the mergers. I never got to play the hotel game because most miles were self-funded at budget level.

What really should be the final straw is if airlines do like Delta and eliminate charts, as that could mask a really significant devaluation for the free trips. You've also got lowest tier sometimes going to BE, which means more exposure to middle seats and bag fees. Just crummy for the customer all around. I'm glad I spent the miles when I did rather than waiting.

You could argue that they're trying to bring the seats available more in line with the unredeemed miles out there, except that they're still issuing the credit-card ones and any that are bought by third parties right and left.