Whether we like it or not, John Smith is 100% correct. It's supply and demand and I am astonished how few pilots understand this.
I have seen both sides to the story. I've been in suits earning a corporate salary 'adding value' at several blue chip firms as a graduate and I've been in the right and left seats of airliners and despite the responsibilities and anti-social hours, the flying job is by far the easiest and I agree that it is semi-skilled labour.
Our salaries and conditions are pure economics. I wish it were not true but it is.