If I had a pound every time someone trotted out the whole "vietnam era pilots retiring, world pilot shortage" story, I'd be a rich man. Every flight school will tell you this myth.
What that don't tell you is there is only a shortage of people with JAA ATPL/IR, IR experience, 1,000 hours turbine, 1,000 hours twin, 500 night, 500 low-level etc. Mainly because it costs £100,000 to get into that position (or ex-mil experience/contacts), and operators are not willing to invest in pilots. Hence the shortage.