Dumbest Competitor
In business situation where supply exceeds demand, the price will fall to the level of the dumbest competitor. Seems like we've always had a surplus of pilots in the US.
Likewise, SLF are not demanding cheaper and cheaper frights, there is always some dumb guy with a few $million and an urge to get in the airline business. Sooner or later he drops the price to fill the seats, then his competitors do the same, until the weakest go bankrupt, and the rest are merely zombied.
GB