Why aren't planes faster?

Why aren’t planes taking us from Paris to New York faster? Where is the heir to the Concorde?

I initially thought that it was because money and resources were invested in enhancing airplane security but, as it turns out, we’re simply too cheap to fly faster:

The newest, most technologically advanced airliner flying today [Boeing 787] is almost 10 percent slower than its grandfather, the 707. This year Airbus is following suit with its new A350, another fuel efficient jumbo jet.

The flying public made itself clear, with its wallet: We don’t want to fly faster, we just want to fly cheaper. The airline business of today is all about efficiency, not speed. The cruise control is firmly set at Mach .85. But what about Mach 5?

Interesting article on Medium.