I would like to point out that not every recession is the same. Each one is unique and effects different parts of the economy. The last one was exceptionally bad. Will the next one be like that? Who knows...

My point being, recessions are almost impossible to predict, but they are a natural cycle of an economy and you will live through multiple of them in your life time. They don't always effect certain parts of the economy the same as others. Will airlines be effected by the next one? Probably. How much? Who knows. We've never seen this amount of mandatory retirements before.

My completely worthless opinion is that whenever the next recession comes it will be no where near as bad as 2009, and many will be pleasantly surprised how much better the airline industry does this time.

We'll see.