The fact that the majority of pilots have a degree is a factor as to why the regionals currently pay a wage above the poverty line.

During the last 10 years enough pilots walked away from the industry to create a shortage. They were able to do this because they were college educated. Why slum it in the regionals for 20K a year when instead they could use their business/engineering or whatever other degree to get started on a different career track?

I see some of those individuals post in the “career advice” forum asking about switching careers. They still love flying but now make over 6 figures doing something else. They still can’t justify flying from a financial standpoint, but also feel they have a bucket list item to check and ask for advice weighing the pros and cons.

If pilots stop giving themselves an out for when things get bad, the repercussions will be felt throughout the industry. The regionals will go back to paying less than 30K a year if they can recruit a full staff of uneducated pilots who don’t possess the ability to earn much more anywhere else and are therefore stuck.