I read the Flight Safety article.
It reads like one of those fake/self-serving press releases the flying schools send out that get printed as "objective news".
Unfortunately F.I. is famous for that; I recall articles from them where they talk about the "pilot shortage", and who do they quote for their source? The sales manager at some flying school.
Journalistic integrity at its finest...
Those schools buy advertising space in magazines like F.I., so they no doubt have say say in the editorial content.
My guess on the next upturn... two to three years. But it'll be significant hiring with lower T & C's. Shortage, no. Hiring, yes.
Wild card is oil prices. If the economy recovers, oil will shoot through the roof... and the cycle repeats...