As always, the magic words are 'context' and 'perspective.'
Many convincing points have been made on this thread regarding the state of affairs in this once great industry. As airline pilots of today, are we underpaid when compared to our compatriots of yesteryear? Absolutely. Are we underpaid when considering the massive responsibility placed on our shoulders to get a couple of hundred punters safely from "A" to "B"? Without a doubt.
Nevertheless when put into context, I consider myself fortunate to be paid a six-figure salary for a job that, most days, I enjoy. Most of my friends don't earn as much as I do - in or out of aviation - and those that do earn an equivalent salary to mine don't enjoy their work as much. Furthermore, it wasn't that many years ago that I was struggling to support a family on a GA wage that some might argue was so low as to be considered criminally negligent on the part of those who were paying me. As such, I feel for many of my friends still doing the hard yards, and whilst I could argue that - in spite of what I now earn - it still isn't enough, I don't feel I have the right to bitch and moan when there are so many out there doing it a lot harder than me. Unfortunately - although thankfully rarely - I'll have the misfortune of being paired on a trip with a grumpy old fart that spends all day in the cockpit bitching about how bad our company is, how underpaid we are when compared with the good old days, and how he could be earning so much more elsewhere. Quite frankly I couldn't give a rotting rat's ring-hole, and would much rather he vent his frustrations on someone who gives a damn. If it's so bad, vote with your feet and take your business elsewhere, but to be honest I find it quite offensive that some of us have the nerve to complain about how tough we've got it, when our salary is still well above the national average - and there are many people out there in the real world doing it a lot tougher than us.
The simple fact is that this industry ain't what it used to be, and there's an awful lot more wrong with it than is right, but that's beside the point. If I put my mind to it, I could make a very long list about everything I hate in aviation, but the only thing I'd achieve in the process is turn myself into a bitter and twisted individual. Personally I'd rather be happy than not, and this - like many things in life - is a choice within my power to make. When it stops being that way I'll get out, but until then I'll try to be more patient, more considerate, and more appreciative of the things I do have in my life (both in and outside of work) - rather than dwell on what I don't have, could have, or should have.