You guys are missing the major cost savings while pouring over the numbers. It all comes from empty private jets as loarabia pointed out.

Private jets fly empty all the time. This would be additional revenue for the owner/operators of the private jets. Notice that most of the flights are one way. That is because the jet is flying empty to pick up the real passengers, who pay, essentially, for the jet to come get them and take them where they are going.

The real problem is what happens when wealthy people who fly private realize that poor schmucks are flying on their dime.