The Kelpie, I think we are in broad agreement but where we differ is that I don't think there will be an overabundance of people wanting to be airline pilots in the future for all the reasons that you and others have posted.
Nor do I think it is a good thing for young aspirants to go off and get a mountain of debt. I really think that the airline cadet pilot scheme as offered by the better overseas airlines (or the original QANTAS scheme) is preferable where there is a shortage of applicants.
Centaurus, yes my comments were a generalisation and you have far more experience and knowledge of the airline industry than I but my comments were based on a conversation I had with a senior QANTAS C & T captain. He was explaining the reason why QANTAS recruited pilots with lower experience levels than other Australian airlines.