I fully agree that some sort of recession is looming on the horizon, and we will see a change in the pilot job market, with fewer opportunities. However, there is a big difference, when we compare the last two recessions with the current or looming recession. We have to remember that in 2001 most airlines were heavily over staffed and that most authorities changed their regulations to allow pilots to fly until their 65th birthday. This left the industry with a huge surplus of trained pilots, which was not depleted when the 2008 recession hit, one of the worst recession in newer history. This lead to decrease in terms and conditions. The surplus of pilots is now very low, and number of flight students are considerably lower compared to the late nineties and the terms and conditions are slowly changing to the better. For those reasons I predict that the coming/current recession will be short and that we will see even better terms and conditions on the other side of it.