Airlines are equipped with life vests. Likewise equip with parachute mechanisms.

Airline passengers have no parachute training

Parachuting is not that simple, at least in the sense that anyone (who has had no practice) could do it as easily as they show in movies. The most basic type of skydiving, i.e. tandem skydiving – where an individual is strapped to an expert throughout the plummet – also requires you to undergo at least half an hour of basic training and instructions. The riskiest kind of skydiving, where the subject jumps out of an airplane more than 10,000 feet above the ground, requires hours’ worth of proper training and practice before the jump.

Skydives are preplanned

An important thing to remember about skydiving is that it occurs under perfectly normal conditions. Since the jumps are pre-planned, the skydiver knows well in advance that they are going to jump out of a moving airplane. In contrast, passengers onboard airplanes would never know in advance that they might have to take the leap in the next few minutes.

Skydives are extensively planned and prepared for in advance.

In essence, what you have on a commercial plane are people who have never used a parachute in their lives, but have to strap on the gear effectively in only a minute or two and prepare to jump. They also have to do all this while wearing their emergency oxygen masks (we haven’t even factored in the environment of confusion and commotion that would rock the cabin in such an emergency situation). Clearly, this sort of exercise is unlikely to be as effective as it might initially seem.

Commercial aircraft fly very high

Planned skydives, including the riskiest ones, occur no more than 15,000-16,000 feet above the ground. Plus, the planes these skydivers jump from are usually small and aren’t moving that fast. On the contrary, most commercial airplanes cruise at around 35,000 feet – an altitude where you won’t find any breathable air, and they also fly much faster. In order for passengers parachuting out of a downed airplane to not pass out due to hypoxia, they would need oxygen cylinders, provided that they ‘clear’ the plane safely, which, by the way, is another important concern because…

Commercial airplanes are not designed to be conducive for people jumping out of it

Planes that host regular, individual skydives are typically small, so skydivers clear it pretty much immediately after the jump. Large military aircraft, on the other hand, have a nice ramp at the back where parachutists can jump and steer clear of the fuselage.

Military aircraft have a ramp at the back to facilitate skydives

Commercial aircraft, however, have neither a small body nor a ramp. Jumping out of a conventional airplane would include the serious risk of smashing into the fuselage of the aircraft (its wings or tail), and sustain grievous, if not fatal injuries.

Speed of the airplane

Then there’s the airplane’s speed. Commercial airplanes not just cruise at a very high altitude, they also go really fast. If one was to try jumping out of the airplane at that speed, it’s highly likely that may suffer grievous or even injuries on their neck.

Most accidents occur during landing and takeoff

Now, this is a purely statistical reason. The most practical time for parachuting out of an airplane is when it’s cruising. However, it’s generally observed that most fatal plane crashes occur either during landings or takeoffs – times when parachutes would be pretty useless anyway.

Parachuting kits are bulky and expensive

A parachute is too bulky to fit under a typical economy class seat. Plus, its heavy. Naturally, it would take up sizable space on the plane, which is already quite costly. Also, adding parachutes for every soul on a commercial airplane would easily add around 6,000-8,000 pounds to its overall weight, a situation that airlines desperately try to avoid. To top it all off, parachuting gear (helmet, altimeter, goggles etc.) is quite expensive, which means that airfare would increase significantly if parachutes were made mandatory on all commercial flights.

1. Barely any passengers will be capable of properly handling their parachute in the emergency, it can even make problems and tangle/suffocate/trip other passengers as the parachute activates.
   
2. Along those lines, because parachutes take several (towards 9 at best) minutes to get on properly for experts, passengers are either going to have to sit uncomfortably all flight long with the parachute around them, fully harnessed/fastened or they will have to be in a situation that has no parachute as it's just too chaotic when everyone starts handling them, again especially if one 'lets loose' in the plane, THEY ARE HUGE AND HANVE MANY STRINGS.
   
3. If the airplane sets of extremely high up, how are you going to get to the ground? Skydiving planes and helicopters are much lower than commercial airplanes fly, they make it a smoother journey down and are at the level where oxygen isn't too thin so your brain still works properly as you oxygenate it by breathing.
   
4. Cost-vs-gain analysis.

So do we give a chance at survival with a parachute or none when free falling ?

OK - several people have pointed out that while the story may be amusing, it’s not helpful. You know what else isn’t helpful on a passenger jet?

A parachute.

You’re asking a group of untrained members of the public to strap on a device they have zero training with, and figure out how to exit a plummeting jetliner, without hurting themselves. That’s next to impossible, for a few reasons.

Passengers. What are you going to do with Grandma? Or a lap baby? Or someone who’s wheelchair bound?

Exits. How are you going to exit the aircraft? Skydiving planes have specially designed doors. Passenger jetliners do not. Remember - that jet is moving at 500 miles per hour.

The large tail slicing through the sky is going to slice both you and your parachute to ribbons as you exit the aircraft.

Time. It takes 20 minutes to get ordinary people to WALK off an aircraft. Now you’re asking them to strap on a complicated piece of equipment they’ve never worn before, calmly queue up, and exit the aircraft. Besides, you KNOW some idiot is going to insist on bringing his carry-on bag with him.

Necessity. Imagine the Miracle on the Hudson? US Airways 1549 landed on the Hudson River in New York City.

Imagine if the parachute order was given? Grandma hanging in her chute, hanging off the Empire State building. Lap babies getting run over by taxi cabs. People landing in the Hudson and drowning because they can’t swim and they get tangled in their chute.

Nearly every single accident out there is better managed by putting the large metal tube in the hands of a skilled pilot, and attempting to bring the whole thing down in as safe a manner as possible.

No disrespect but I can't trust you with my life. I see a parachute mechanism, absolutely no other options, are you going to say "no, you wasn't trained to use it, just fall?"

You may transport parachutes, either with or without Automatic Activation Devices, in carry-on or checked bags.
Parachutes should always be packed separately from other baggage. If a TSA officer determines that a bag must be opened to inspect the parachute, you must be present to assist in the inspection. If you are not within the screening area, you will be paged using the airport intercom system; if you are not present to assist with screening the parachute, the parachute will not be allowed on the plane. For this reason, passengers with parachutes are encouraged to add 30 minutes to the airlines' recommended arrival window. TSA is not responsible for repacking parachutes. All parachutes should be thoroughly inspected at their end destination to make sure that the equipment is still safe to use.

Come on now, it's the same principle with a life vest. I never used one of them either. The stewardesses demonstrating doesn't help me.

Not only that, but with all tech nowadays, what in the world is money being spent on if not to simplify the mechanics of an airborne safety device?

Remember I said parachute mechanism, not necessarily a parachute.

Whatever that parachute like mechanism is, it can be quite simple as a vest pushing a button or pulling a cord.