No-one knows
"It is hard to predict, especially about the future"
but one thing is for sure, when pilots are needed again, it takes at least two years from scratch to get ready. Judging from history, I would say the worst time to start is 3 to 5 years into a economical peak period - chances are you are ready when the economic low starts. It would be better to start in the middle or end of a low period, to be ready when it is needed in the coming up period.
Now is not the worst time to start, if you plan on a two-year span of the education - I can't predict either, but something tells me this low is going to be shorter.
To those of you who are underway already, have just finished or are just plain unemployed like me (2000+ hours including jet time), well, take a number, line up in sequence and hope not too many collegues jump the line.