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Why is there no Modern day Supersonic aircraft in passenger service?


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After the Concorde retired in 2003 (the jet, not the Chrysler car), there has been no real replacement for this one of a kind beast. Why is that? In a way, it seems like were regressed back 30 years after retiring these planes without any new models to replace it. Is Boeing or Airbus working on a Next Generation passenger Jet that is Supersonic in nature? 

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