And yet the major LoCo's are still ordering a/c to expand. Some how the equation is not balanced. Pilots think this will cause a significant rise in remuneration packages. The airlines will be scared like heck to do this because once the high salary is on the table to entice more pilots to join them it will be very difficult to remove it later on. As yearly increments are a % of salary their wage bill good be soaring for years. I know there are some imaginative remuneration constructions out there that could be adjusted i years to come, but pilots will not accept a reduction in income in the future. It will be a fine balance.
Many species went into rapid decline due to lack of food supply. Airline expansion, and their rising share price, could go the same way if they cancel flights and/or do not expand. In their medium term planning there is an assumption that the oft feared 'lack of pilots' will never happen. That can only be avoided by either the industry as a whole improving the T's & C's, or there being a jungle war to entice pilots to the highest payer away others. However, for that to succeed the beneficiary has to have enough training capacity to accept such an influx. That will be a huge bottle neck.
Airlines that have a large retirement bulge in 1 year at the same time a having a huge recruitment burst to both replace the retirees and expansion will have the worst problems. You can't pluck simulators & training captains off the trees.