It's not just aviation, other areas are being hit badly too. I worked in engineering after graduating and it has gone from being a profession that prided itself in providing good and innovative solutions for clients to one that is focused on profit and shareholders, only. Pensions, salaries and Ts & Cs are dropping all the time and more is expected of staff in return. If you don't fall in line, you're down the road.
Pilots on the whole are still relatively well paid and while it may not be the job it used to be, it could be a whole lot worse - try holding down an £80-100k job in the business/commercial world and you will find out what pressure and stress really is. I have friends at director level working 12-14 hours per day 6 days a week just to keep their heads above water.
Possibly only those working in Gordon Brown's client state are having an easy ride at the mo, but their time is coming.................