This whole discussion is really a case of "the more things change, the more they stay the same." Or, when Twain said, "History doesn't repeat itself, but it often does rhyme."
Yes, hiring is pulling back.
No, the music probably hasn't stopped.
Who, really, is going to get hurt by this... The PilotBros™. As in:
"Bro, I'm gonna be a pilot and make half a mil, travel, and only work 3 days a year."
"Awesome, bro, me too!"
**BRO HUG**
The only thing that worries me is that we have created, for lack of a better term, another generation of Aviation Boomers.
A group of people protected from any sort of downturn, that will make bad collective decisions... like trading $2 for scope for instance. A group that will completely undermine the incremental gains from the last 20 years after the gutting of the industry following 9/11.
I go back to the same story, alot, when I think about this: I was sitting in mandatory 'fuel savings training' circa '08ish... the class was being taught to a bunch of regional pukes. Mostly 20-somethings, 30-somethings... all of us having crawled our way up in the post-9/11 industry landscape. Full lost decade-lite. The class was being taught by a management-wonk. Ex-mil. Mainline. Of the previous generation, hired during a boom.
He didn't understand at all the kind of flying that we were doing. I mean, not at all. 5 legs a day in a RJ? In and out of the hub? 14 followed by 16 followed by 14 pre-117 "legal" rest? In fact, if he even had a vote at the time, I'm sure that he would have traded anything for 30 more pieces of silver.
It wasn't the joke of training. It wasn't even this wonk trying to get a bunch of sweaty and tired dudes to care about the 50 lbs a flight of gas... it was the disconnect. We didn't speak the same language. Heck, in the pyramid scheme of life, we weren't even on the bottom... we were dredging the nile river to feed the guys who sub-contracted to the folks who built the lever to wedge others under the pyramid.
Flash forward to today... where the plague is the potential career-ending event. But, instead of another lost decade, we bounced back up with the help of the PPP funds, early retirements, and etc. Barring another crazy calamity - or a company with 30B debt - that will most likely be solved by restructuring. Anyone who has 15%ish of a seniority list under them is probably going to be safe from the music stopping.
Anyhoo... no point other than there are ups and downs in aviation. The seniority system gives and takes. And, the hiring boom from the plague is probably passed and even though we are going to se movement... the generational insanity is over for the next 25-35 years.
Or, in meme form for my TL/DR friends:
It's probably gonna start swinging back again.