Gentlemen and Ladies -

There is not now, nor will there be anytime in the future, a pilot shortage. May I suggest a look at:
US Civil Airmen Statistics, Table 1
According to the FAA's data, in 2008 there were 80,989 student pilot certificates in effect. That is, almost 81,000 people started flight training. Fewer and fewer people are getting into this for fun - it's gotten too expensive - ask your local CFI. Let's assume (on the high side) that over half, say 41,000, are of the Part 91, Piper Cub - only, Sunday afternoon, fun flying variety. About 40,000 people started flying with the hope of doing this for a living.
Per Year
Looking lower on the page, there are currently 124,746 people with a Commercial ticket and 146,838 with an ATP. That totals 271,584 people currently with the minimum requirements to be employed in Part 121 operations as of this data in 2008.
Now, look at
BTS | P10 - Annual Employee Statistics by Labor Category 2008
and hit the 'Excel' tab, then add up Row E for pilots currently employed in 2008: I get 75,715. I then added up the furloughs listed in APC - I got 7,553, but someone else came up earlier with about 6,500.
Let me recap:
271,584 qualified people
75,515 were employed a year ago
7,553 have been laid off
The pilot mills are adding around 40,000 people each year.
So, we may run out of people willing to work this job for under $30,000 per year, but we'll never, ever, run out of pilots.

FD