Yup, it'll get so bad that candidates worth having wont even start to train - just like the asia pacific region. No fools them - who wants to be a pilot being lectured by the likes of you Gnirren or whatever your handle is - when you can get a career in engineering, accountancy, medicine,
PR, property, etc etc in a booming economy of the future.
I respect ANYONE who has the persistence, determination and moral self honesty to train for and become a professional career in aviation, and I dont believe that the job has become "easier" one bit. Workload has become higher and yet more subtle with the automatics we now use having dangerous and subtle traps of their own, reduced seperation, increased traffic, minimum rest, relentless workloads, and minimal training from companies clinging to a shred of fiscal viability. And on and on.
That said, I think anyone entering the profession now is making a big mistake. Every one of my professional contempories in other fields has made a very substantial amount more cold hard cash than I do or will and achieved a position of respect in their careers.
In my international airline we have a message on the board in the trainers' room of the sim saying "please re-use envelopes to save costs".............and its downhill from there everywhere you look. If you value YOURSELF think very hard before joining the zoo that is modern "professional" flying, where you can be taunted by the likes of Gnirren etc, or managed by such luminaries as Leo the Hairy Camel (what IS that all about?).
I have had some interesting times, but now I fear the future every day. Is that what you want for your future (and massive debt at the start of your working life)?