Yeah. If first year pay was 90% of 2nd year pay, I don't think you'd see as much of this.
Quick survey of the Legacy/Large LCC show about the following split (with airframes guys can reasonably expect to get.. Doubt many will hold 747 year 1)
Carrier 1st/2nd 1st as a percentage of 2nd year pay
Alaska 53/83 63.8%
American 75/112 66.9%
Delta 70/100 70%
United 68/101 67.3%
HAL 36/79 45.5%
SWA 57/97 58.7%
JetBlue 49/80 61.2%
If I was hired at HAL or JetBlue, I would not be able to pay my bills on first year pay. I could probably scrape by at SWA or Alaska. But I'd make a lot more and not be eating Ramen if I was on orders.