Anything less than what we are making now is a pay cut. It's pretty simple. If less money is going into my bank account every two weeks then I consider that making less money. Call it short-sighted, but that's what the regionals are.
Regional pilots aren't supposed to be 50+ years old worrying about 30 year pay scales. They should be 20 somethings trying to pay off student loans. Hourly pay is god, and the 10+ year guys should have absolutely zero incentive to stay.
These negotiations should be completely focused on 0-5 year guys and forget everyone else. Selfish? Yes. Smart move by the airline for the times we are in? Yes.