The word "shortage" is a political term, not an economic one. In economics when demand exceeds supply the price for the commodity will increase until supply equals demand. What we have been seeing the last 22 years is a change in the commodity that is considered acceptable in order to keep the supply up. Instead of a 3000 hour military trained pilot or the 6000 hour civilian pilot that I competed against for jobs back in 1988, I now compete against guys with 211 hours. Where do I come up with the number of 211? Well, that is how much time the guy I just flew with had when he got hired. Some day when he gets enough time to hold captain he will upgrade and take his rightful place ahead of me on the captain's list.
The requirements to be a pilot have continually gone down. Planes have been automated and the requirements to be a pilot have gone down and down and down. Rather then raise salaries to compete for available pilots, airlines merely lower the standards of what they will take in order to keep the starting salary the same.
What comes next? How about the airlines going to the government to produce more pilots. How about bringing more foreign pilots in? How about overseas flight academies sponsored by the US airlines where they train foreign pilots to eventually fly for US airlines? If they demand higher salaries they can threaten to end the program and send them back to India or the Philippines. The key will be to make the pilot dependent upon the job. The threat of termination will make the pilot willing to work for whatever the airline will give him. One key component has just been implemented, transfer of training records. Demand more money, put in a grevience over some issue and you can expect to get a quick checkride or 2. Make the pilot unemployable and you can control him.
Unfortunately, I wrote about this back in 1988. I wish I had been wrong.
There is a solution in my opinion.