This subject has been done to death on threads elsewhere. There is no pilot shortage, and here in Oz there never will be because learning to fly here costs no more that a new up-market car. Plenty of wannabes will take flying lessons at that price and pay it back over the next ten years and drive an old banger instead of buying a shiny car. Like most of us did.
BUT not all these guys will get jobs, because there are only so many to be had at the entry level and in G.A. etc. This is not a growth market. That's the bit the flying schools tend to leave out.
But Captains with the right stuff as demanded by Chief Pilots, insurers, contracts etc is another matter. A shortage is already here and will remain until the wannabes come through the system and acquire the hours etc needed. That will take 5 years or more and meantime it will hurt operators who don't pay reasonable money as they will be competing against overseas operators who do. 60 year old pilots are already being asked to hang around for a few more years and a few others are drifting back from overseas looking for hobby jobs, but the Captain shortage is certainly becoming a problem.