I will not be holding my breath either.
The predictable outcome of the increase in job pressures, reduced rewards and generally instability of our profession will be a shortage of pilot job applicants. This will not be immediately apparent but eventually, as aviation recovers, laid off pilots will return to work, the senior people will retire and, what do you know! we will have talk of another pilot shortage. When this shortage becomes apparent to the aviation industry we will go through the same old predictable boring cycle of boom and bust again.
The unknown factor in the "pilot shortage" scenario is exactly where people will say the job is not worth the hassle. It has always been accepted that you put up with the hassle because, by doing so, you earned your position on the seniority list and a fairly predictable future. Now seniority and a career are not predictable. Add to this the prospect of losing your retirement in a bankruptcy or even an early death and the job fails to be as attractive as it was!
Then you will see the pay increases our first poster mentioned, NOT because of the job we do but because of SUPPLY AND DEMAND.