The following is a US-flavoured comment, but thoughtful and illuminating. It's penned by a senior US airline pilot who posts under the name Seaavi8tor, but he's real alright. Some of you will know him and his views.
You can read what he says here, but the following quote provides a flavour of his subject:
"In terms of inflation adjusted dollars, Airline pilots today earn less than half of what they did 35 years ago. The unit of work can be measured by flight hours, duty hours, hours away from home, Revenue Passenger Miles, Available Seat Miles, or most importantly, revenue generated per pilot."
His argument is that if you pay in peanuts you'll get monkeys, and this is what the airlines are inviting into their flightdecks.
I agree - many of them (not all) are doing just that. Especially American regionals, and look at what's been happening to their safety performance recently. Likewise US air taxis over a long period of time.
You'll find plenty in this blog on a related theme, including: