Just some numbers to show what has happened over the last 40 years using the CPI calculator.
In 1974 Delta signed the first contract that would have 747 Captains over $100,000 a year. In 2014 dollars that would be over $483,000.
My last year as a B747 F/O at Tigers earned $111,000. In 2014 that would be $254,000. No such thing as Draft/VLT. Normal schedule.
In 1974 Airline pilot retirement pay was around $36,000 per year. In 2014 that is $173,000.