Artie,
Whilst the perception is that pilots these days are badly paid and worked hard, the reality seems to be lagging somewhat behind the popular view.
It's all fine and dandy upstairs if you're a senior and have been in the industry 8+ years. However, this isn't about pay. It's all linked to your second comment below:
Whilst it appears to be difficult to get in to the profession, I flew with an FO freshly out of Oxford - all his classmates have jobs!
I can assure you that whilst Mr 21 yo Middle-class Alpha Male from Oxford is getting all the jobs, hundreds of qualified 30-45 year old guys are getting overlooked because they have the Modular badge or have a little experience, or are a little more mature (with the added baggage/complexity of family life). These Oxford/CTC guys are cheaper for the airlines to hire, far less hassle and being in major debt they think not twice about the first deal that is laid out on the table.
For guys who couldn't afford Oxford as a flight school, life is not that rosy.