Well, when you have an MD who doesn't give a tupance about 'what pilots believe they deserve' then thats what happens.
We all joined FR knowing the stories. Nothing is beyond the realms of possibility. I tell new joiners to approach it with an open mind.
The cadet is a revenue generator, first and foremost. You are right, if we had the correct amount of FOs then we would all be doing 900hrs per year. However they would be restricting the amount of pure profit that they make from the ratings. That's the way it has become unfortunately and any new joiner who thinks they will be fliying 850-900hrs a year and sail into a command course in their fourth year needs a smack round the luggs!
It still works for me and for many others. Yet I'm realistic about it. By the way, do you remember 3 or 4 years ago FOs being maxed out at 900hrs, often a month or two before the year was to end?