Good article, though kind of a sad reminder of how much the travel experience has deteriorated for us all over the years (save for those able to afford private jets).
The good news is that as demand and supply fall together equilibrium fares will be somewhat higher and volumes substantially lower. So for those of us who fly to get places we need to be, things should be somewhat better. Many holidaymakers and mileage runners on the other hand may have to find local vacations and different hobbies respectively.