Jack The Lad,
I'm not an economist but there are a few things to keep in mind in the debate here on AA pilot salaries.
Here are some facts;
In constant 1982 dollars, AA pilot salaries are down something like 22% for equal aircraft type, excluding FE's who aren't around any more.
Considering job growth, I've read where Europe has had near zero total job growth while the US has had millions (year period unknown).
Europe has behind the US with the deregulation game. US salaries stagnated for years after deregulation.
AA pilot pay costs could never keep pace with the tidal wave of cash wasted in my 13+ years at AA. 132 million for a failed car rental computer system, 600 million on Canadian airlines, a very bad call on a Flight attendant strike (500 million?), a unnecessary family feud with pilots (400+ million), $1.8 Billion dollars in Fokkers thrown away, A fleet of SF340's and ATR's thrown away, millions each year for sports arena naming rights, two 120flt/day hubs thrown away (still paying rent), millions on Reno Air and total route elimination, Billions on TWA at the height of the business cycle (The CFO against the move is gone),and my favorite, $2.6 Billion in stock buybacks when the market was at it's highest just to bump up the price (AMR management is the biggest single shareholder). There is more I'm sure.
We will end up paying the price, but we aren't the ones who put the gun to the airline's head.