One month ago, this decision would have been a no-brainer. I've been in the aviation industry for 20 years now (started instructing and flying corporate back in 2000), and the era from 2013 to early this month was the most incredible window of opportunity since the 1960s, when UAL hired guys with private tickets (I think) and trained them to be flight engineers. At no other point in history has it been so easy to get into 121 aviation.

Now, however, all bets are off. Nobody knows what the industry -- or even America -- will look like in a few years.

I will say this, though. In a later post you mentioned that you hate your job. If that's the case, then you owe it to your future self to pursue your dream. You do not want to wind up at age 60, looking back on 35 years of labor that you detested, and wondering 'what if?"

It will take time to earn your tickets -- private, instrument, commercial, multi commercial, CFI, CFI-instrument, CFI-multi, ATP (although recently the airlines have been paying for people with 1,500 hours to get their actual ATP, as long as they meet all the qualifications.). It took me five years of solid effort to earn my ratings through ATP and accumulate 1,500 hours, while working a day job, since I wasn't willing to risk quitting. (Which, for me, was fortunate, since I finished all my ratings and got my first regional interview scheduled for....wait for it...9/14/01. You can imagine how the phone call on 9/12/01 went.)

Took me 13 years from that point, to actually get into 121. By the time I'd grown disgusted enough of my white-collar office job at age 35 and decided to quit and just fly for a living, much like you now...it was....wait for it...September 2008. And we all know how that went.

So my point is, if you're 37, and you keep your job to pay the bills, it will take you 4--5 years to earn all those ratings and then accumulate the 1,500 hours you'll need for an entry-level regional job. Assuming you get your commercial in the min 250 hours, and you fly let's say 5 hours/week, you could get to your CFI in about 18 months. (It could be shorter, but weather, broken rental aircraft, and unavailable instructors will drag that time out.) Then take on as many students as you can and bang out 1,250 more hours of flight time as a CFI -- which is, by far, the hardest flying you will ever do. Vastly more challenging than 121, which is a complete cakewalk by comparison. Not from a technical perspective, but because you have to be a pilot, teacher, mentor, and cheerleader, all at the same time.

Anyhow -- that will take you a few years. In that time, perhaps the world economy will have recovered to a pre-crash level. Even if you don't go to the airlines, you'll still have a backup job (instructing) that will allow you to pursue your passion while making some money on the side. And if you do wind up at the airlines, well, a 20-year career is nothing to sneeze at. It's still vastly better than spending those two decades doing something you hate.

Go for it. In a couple months, assuming all the flight schools haven't closed, you'll probably find a screaming deal on flight training.