IO,
The over whelming trend is the industry world-wide has been for market driven pay rises.
The situation in the US has, IMHO, been driven by two artificial, non free market forces- Chapter 11 and the almost universal application of seniority systems.
Chapter 11 has kept non profitable carriers in busness long after their use by date, leading to an over-supply.
Seniority has meant that unions will agree to incredible concessions to keep a carrier afloat, as letting it die will give their members no choice but to join the end of a long seniority list elsewhere.
Whilst many companies elsewhere DO have a seniority system (and it is appropriate in large, slow growing "legacy" carriers), there are at least enough that don't such that, when faced with redundency, you at least have a chance of finding a job comensurate with your experience.
I was a captain with a major carrier that went out of business. I ended up with the straight choice of joining a "Legacy" carrier on the bottom, or taking a DEC position with an overseas carrier. I chose the latter, and am grateful that I at least had the choice.