Without sounding all doom and gloom, I have to agree with WWW and the others who have been in this industry for a while now.
From past experience an economic downturn is very bad news for anyone hoping to work in aviation. Forget facts and figures, forget scare mongering, just research the effects of the last two recessions in the early nineties and post 9/11.
During these times it was practically impossible for a pilot with no experience to get a job. In fact even with experience it was difficult due to competition being fierce for every job. As WWW said "A roof over the head, or a holiday?" Sounds like a no brainer to me.
If I was starting out now and about to invest huge amounts of money, I'm not sure I would in the current climate. In saying that, the industry does go in cycles and when things are bad they have to improve at some point, so who knows what the next five years will bring.