Originally Posted by
Boomer
Funny you should ask.
I was just looking at a textbook... Intro To Economics.
It goes through a few definitions (cost vs value vs worth, etc) and by page 3 they start with the first lesson: What is worth more, a diamond or a glass of water?
Then they go into the discussion of a guy in the desert and how he would gladly trade diamonds for a glass of water. I guess anyone in the world can relate to diamonds, water, deserts, and thirst.
Reading on to page 5, they go into the second lesson: How much is a 747 Captain worth? (I swear I'm not making this up!)
This discussion goes along the lines of all the training, experience, the lifetime of preparation, a clean record, incredible responsibility, long hours away from home, and so on. So is a 747 pilot worth 300,000 a year? Yes, they reason, as long as there are only so many available.
However, they go on to point out that if there is a surplus of qualified persons to fly 747s, then the "value" of a 747 Captain drops rapidly. Thus ends the second lesson in the economics textbook.
Honest to God... the first two examples in an economics textbook are a rich man dying in the desert and a bunch of 747 pilots that think they're worth more than the market will support.
I didn't read any more after that.
Yes I remember studying economics many, many years ago at college. Same talk of desert and glass of beer and how much was the first one worth to you. Then it asks how much is the second and third one worth. Less probably. Funny they still use the same examples all those years later.
But on pilot pay. I think supply and demand are everything. Before I made it to a major I struggled to get any jet job. Then when I finally did all the majors started to hire and our company lost most of their experienced crews. All of a sudden training contracts disappeared. They paid you during training. They paid for your hotel during training etc. The company tried to poach other companies pilots and other companies did the same hiring directly into the Capt seat.
The railway labor act is out of date and needs to go. If you want a free market then it needs to be truly free. If not re-regulate.
The age 65 rule made the long term shortage worse. It stagnated the upward movement of crews and pay and conditions. Pilots like my self went through a double furlough and have left the industry. College grades now choose a better paying and more secure job elsewhere.
We need to restrict the number of pilots coming into the industry by making it harder to get a license. Higher academic and experience standards. We need to regain public respect for the profession. Then let supply and demand take it's toll. Pay and conditions will improve. If we keep making it easier and accepting lower standards, pay and conditions will continue to fall.
I'm not going back to work for United at 1993 pay levels, sitting on reserve for another 6 years, 20 days a month. The most I ever made was $74k a year flying 95 hours a month. They would have to at least double that for me to consider returning. Compensation for the inconvenience of being away from my home and family and friends etc.
I'm my own boss now and it's great. I travel when I want to, or stay home every night.
Good luck to all you professional aviators. You deserve better.