When AirMiles was created, it was what it said it was: 1 point =1 mile. But over time, the company has consistently devalued the benefit. Once earned, a mile should remain a mile... since this is something that does not change on a map. Also, the Mile should pay for the full mile, not a reduction in the airfare, but all costs associated, and the legislation should make that clear. 

AirMiles makes it's profit by selling your data (which they paid for in point) over and over again to marketing and sales efforts. Allowing AirMiles to devaluate your reward is a little like someone giving you an IOU for a $1 candybar, and then giving you a nickel when you try and redeem it.