1. It isn't slavery if you sign up for it.
2. It isn't right or wrong, it's just where the market is right now.
3. It will continue until everyone works out that the "recession" is over.
4. People who sign up for this aren't stupid or deluded, they just want the gig and are prepared to pay for it. Happens in every downturn, it isn't new. I can remember people buying type ratings back in the '80s.
5. Why do people expect airlines to continue paying high salaries when they don't have to? It's a business, it's all about balancing your cost base against safety.
I'd be the first to agree that things were a lot better 20 years ago (if you were in BA, anyway), but the world has moved on. Either get to grips with reality or find another career.
For myself, the more I see of the modern airline career, the more I want a different one!