The harsh reality of all this is that we are just part of the big globalised system, as some one wisely pointed out earlier on, the aim of just about everything these days is low cost. So what do we do?
Answer, not much! You see eventually the system takes care of itself. Over the course of time costs will be cut to such an extent that people will no longer persue the profession. No doubt the airlines will still need drivers so they will put pressure on governments to lower qualification and experience levels. The end result will be that people with very low experience and limited qualifications will be placed in the left seat of a rather big jets.
And its not only pilots salaries that get trashed, its everything. You have kids at check in, no engineering staff on turnarounds, very little security, but hey, that's the model and hell I'm not complaining. Obviously this is what a large number of the traveling public want, it's just comes down to a question of choice. If the customer feels OK with that, then go right ahead.
The way I see it is this. I don't think this is the end of it, in fact this is just the start. Eventually you will see a new breed of airlines biting at the heels of what we now call the low cost operators. They will be leaner and meaner, they will be using every form of cost saving technology available to them and they will employ as few people as possible. As for pilots, it will be just like the bank runs in GA, you will probably be paid on a casual basis and you will be responsible for maintaining your own license and rating etc.
Pretty sad picture hey.