BillWhiteInsurance writes:

I think its a combination of 2 things: The rising cost of fuel, and the
recession.
I think its more expensive to fly your own personal plane than it is to
fly commercial, solely based on fuel. I also think less and less people
have the money required to for upkeep and annual maintenance. Its a sad
time for private pilots

For healthy private aviation, you need a substantial middle class, and the
middle class has mostly disappeared now. Apart from a minority of very wealthy
people, the vast majority of the population is now just squeaking by, with no
discretionary income.