A few examples -
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In 1969, the first year salary of a F/O or F/E (727-DC9) was some $12,000, and at the time, sharing an apartment was $150/mo. and a dinner was $10... You had invested $5,000 for a CPL/IR... and the second year pay was double, some $25,000. Your per-diem was $24/day. I remember my liability insurance for my little Corvair was $200/year, and I did mention the gasoline at 29 cents a gallon...
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2007... You pay near $3.oo a gallon for gas, and $600+ for liability insurance, and your shared apartment is $500/month in some cities. A breakfast will be $10+ and a dinner will be $20... Yet your salary would be $20,000 a year to be a F/O on CRJ... (and you paid some $60,000+ to get there)... a very poor investment in a career, indeed.
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And you fly a few years for a regional (I repeat, glorified "135" operator) with a DAL or UAL emblem on the tail, but you are not working for these major carriers (yet)... so you have to apply with these Delta or United, the day you have 2 or 3,000 hrs, to hear that after being a new hire again, you will be paid the first year pay, as 737 F/O, at less than $24,000 (again) until you get ALPA wages on the second year.
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Factor-in the possible furloughs, like I had. All it takes, is Osama Bin Laden putting a threat on DisneyWorld destruction by terrorism, and "whop", you and 5,000 of your colleagues will be without work. Try to get a "corporate" pilot job, with 5,000 hrs F/O time, as you are to them, with no experience on a Gulfstream V (that means "5", not "Victor") and no experience in carrying a Gucci pilot bag, and unable to spell Moët & Chandon champagne at the FBO. Airline pilots are not welcome in the corporate world. Maybe you will then find a job as CFI, (and pay near $10,000 to get a CFI certificate)... Of course, you could also drive a Yellow Cab... and fake a Russian or Mexican accent.
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I remember 1997, visiting an old time friend, who just had retired as one of the most senior 747-400 UAL captain... and who was also operator, and "outright owner" (wow) of a fleet of Learjets, a few Gulfstreams and a couple of 727-100s (these operated with VIP interior)... He asked me about Argentina, and my job there, and my wages, and how much I was flying per year... with a smile... Then, I asked him "Tell me, what was your pay with United these last years...?" - "My pay... salary was $238,000/yr..." - (Then I asked how much flying that was per year) - his answer was - "Oh, I flew very little, as I have to care about my FBO and my Bizjets here... I did bid reserve and flew about 100 hrs/yr... just to stay current..." - So in effect, my dear friend was
paid $238,000/yr for 100 hrs, or... $2,380 per hr if my advanced mathematics are correct...
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But outside of his luxury FBO, I knew kids with licenses crying for a job at $12/hr as CFI, or $20/hr to raise the gear of a Learjet... At times, I admire and respect Che Guevara...
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Another word about the Kalittas and the Evergreens... Oh, you pilots (say the CEOs), we need to keep pilot wages low, because we are competing against the FedEx and the UPS cargo carriers... OK, fine, until you learn that the Kalittas and the Evergreens sell the ton/kilometers at the
same price as the FedEx and UPS they are "competing with"...
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In the 1980s, suffering my PanAm layoff, I flew for ONA/UACI as a 707 then DC8 captain, based in Jeddah, Saudia ACMI, and enjoying the camels and prayer times... and saying "Insh'Allah" for my estimates... Our CEO was the third highest paid airline executive in the USA airline industry, after the AA CEO (C.R. Smith) and DAL (cannot recall his name).
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If you love planes so much, make it like my dentist, he owns a superb SF260 Siai-Marchetti, and enjoys week-ends with his lady-friends at the best resorts in Argentina, Brazil, Chile, or Uruguay. I trade I/R instruction for dental work... and after 100 hrs dual, he stills needs a block of airspace for his ATC assigned levels... I used to own a little Piper L-21C, I had to sell it, could not afford it with my 747 captain salary...
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Happy contrails