Urban Legend
Back when I was a new pilot we all were told of the huge hiring boom due to all the WWII era pilot retirements, never happened. Then we were all bracing for the big boom of all the pilots who were hired at the same ages in the 1960's, and that one didn't materialize either. The latest was that the Veit Nam guys were starting to retire in huge waves starting in the late 1990's, I haven't seen that one either. These guys do retire but the results are hard to determine since most new jobs are being created in the low fare and regional markets. Never has it made a positive effect upon pay. I think that management feels free to lower pay with every new generation of pilots since their expectations are so low.
Stories of pilot hiring booms are meant to sell magazine subscriptions and pilot licenses.
SkyHigh