Actually Adolf, I believe X is right. The new generation accepting lower T&Cs(and even paying for their jobs) just to get a ten year jump career wise ahead of their mates in the industry, has enabled even the higher end companies to offer (and in some cases reduce their present) lower packages.
X would have no choice but to continue working for his company even though they refused to increase salaries in accordance with inflationary pressure. Had he threatened to change companies, he would have been shown the door with a smile as the accountant would happily accept his resignation knowing full well that he could be replaced with some-one who would work for less
This has helped to create the terms, conditions and 'respect' that aircrew receive in general from airline management.
He has it spot on by saying that when the new generation try to move up to the 'better' paying airlines, there will be nowhere to move to. Their( the new generation) sense of entitlement has bitten us all on the butt.