Shortage
I believe that the current generation that has grown up during the financial meltdown will not be conned into a fruitless career that costs a fortune to get into.
There is no pilot shortage but rather a shortage of people who are willing to put their life through the ringer for such crummy treatment in return. Regional and legacy airline pilots need to be paid the same.
People who work for the post office in my town earn 72K per year plus get a full ride retirement. A major issue with part 121 today is that it takes so long to reach a middle class income that the pilot is permanently behind the financial power curve.
If the regionals can not afford to pay more then they need to be more flexible for pilots to work a second career. Line sharing? Part time positions? Based at your home and flown in positive space.
Skyhigh