And another point I think one should consider, especially a young person, about any future pilot shortage. Let's say that there is a shortage in the next few years.....but let's take a longer view. Do you think that someday, maybe within a decade or two for example, countries like India or China will be able to produce their own supply of pilots? Of course they will be able to. And when that happens, then what? Will we see cheap 3rd world pilots flooding the market willing to work for wages far less than an American pilot? Gee, where have we seen something like this happen before?
So, as a young person deciding to become a pilot, do you sink tens of thousands of dollars, perhaps as high as six figures, into a career where in your 30's or 40's you might be replaced with cheap third world labor, much like what happened to the American factory worker? There is a very real possibility that could happen, and it would suck to be a 40 year old pilot with a family to support and a mortgage to pay to have to retrain for another career.
The heyday of being an American airline pilot, just like the heyday of being a factory worker, may very well be in the rearview mirror, even if in the up and coming years we hit a cycle or two of "pilot hiring booms." If I were a young person, I think I would give this career a pass or at the very least have the money and education for an immediate switch to Plan B when some Indian dude is willing to fly a 777 for a bushel of radishes per flight and $20,000 per year.