I think what we're dealing with here is not a "shortage" as such, but something much more fundamental. The profession has been beaten down so much that it's simply no longer attractive. The experienced people who've been trough 2-3 (4, 5, 6?) furloughs are pretty well fed up and no longer want any part of this business, while young people who would be making up the future of the trade are finding much more attractive options in any number of fields. Just in the area I live in, our local airport went from 7 FBOs to only one, while a very well-known school at another nearby field closed down this past March after dropping down to only 10 (!) students.
So, what does all this mean? It seems to me airlines (and not just them) will in a few years find themselves in a real bind. The experienced people still won't be coming back, and there simply won't be any new people, if flight school enrollment continues to decline the way it has been.
At that point, my hope is the good old law of supply and demand will finally kick in and we'll finally start seeing a climb in flight crew pay and benefits.
I could be wrong.