I think you may be right in the larger scheme of things, but not strictly in the 121 world. I read about flight schools struggling to find instructors, people not entering training, etc. Is it pay, just lack of interest in aviation, etc...? The upfront cost not worth the perceived long-term gain? This article is interesting and speaks to personal motivations. Some value...well...values when they consider professions, employers. At the end of the day, though, the great culture and pay curves have to meet on the performance chart
You cannot eat great morale, but I also believe only chasing the dollar is a quick recipe for disaster.

Super-64 - interesting screen name. Were you involved?