<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Randy Petersen:
From 1993 to 2001 airlines gave away 58% more awards during this period - from 8.3 million (1993) to 13.2 million (2001) on an annual basis. </font>
Here's the stat to use (I'll keep the years consistent):
1993:
202 billion miles redeemed / 1867 billion outstanding = 11% of outstanding miles were allowed to be cashed in
2001:
342 billion miles redeemed / 7889 billion outstanding = 4.3% of outstanding miles were allowed to be cashed in
Looks like deflation to me, unless of course you think people are willing to hold their miles for 25+ years at that rate.
AAaLot is right on - the draconian restrictions make award seats worth no more than the cheapest fare sale prices.