In theory, yes, but they will try everything in their power to keep salaries minimal. Namely, they're already conjuring up direct hire programs and more flow through agreements. They could raise the mandatory retirement age, again, but it'd only be a bandaid and I don't think you'd see many wanting to work past 65 anyway. Heck, I don't want to work past 60.

Ticket prices could stand to go up. Even with all the associated new fees airlines have implemented over the past 10 years, the average roundtrip fare when adjusted for inflation has fell hundreds of bucks since the 70's.

Flying isn't luxury anymore like it was in the "Golden Days". Despite the unmatched convenience, people treat air travel as an entitlement now; no different than hopping on a bus.