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Answer :
The pay of an airline pilot is a great question.
First off, this is not a job that you go into because of the pay. Pilots can never get all of the ratings and pass all of the "gates" required to become an "Airline Pilot" without a love of aviation. If you do not "love" it, you will drop out at some point during the process.
In the past, pilot pay and benefits for the major airlines was very good. The deregulation act of 1978 was designed to remove the leverage that the labor unions had in the industry. Put another way, it was designed to reduce pay and benefits. It worked slowly and in strange ways.
In the '80s, the concept of the "B" scale was invented. This is the concept that current employees would not take pay cuts, but new employees would be hired for lower wages and benefits. This worked for awhile, but over time the unions were able to negotiate equity for the new hires.
Since Sep 11 2001, all of the major airline employee groups have taken large pay and benefit cuts. (All except for the freight carriers) This process is not over. If the major airlines do not start to make money, the employees will be stuck with more cuts. Congress is in the process of changing the retirement plans to protect the PBGC. (The PBGC is a quasi-goverment organization that takes over for bankrupt companies and administers their retirement progams. Generally the employees get only a fraction of what they thought they would receive.)
It is very difficult to forecast what may happen in the future. If you enjoy flying, the job is still very enjoyable and pay is better than what most employees receive. It is a great way to establish yourself and then establish another form of income. If you have not read the book "Rich Dad, Poor Dad", it is an excellent guide.
Let me know if I have raised more questions thank I've answered!
Dick Keyt
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