I agree this legislation will be bad for the U.S. Airline pilot in the long term. The cargo guys are a bit delusional to think that there won't be any outsourcing. All one has to do is look at Cathay Pacific and Dragonair to see that outsourcing from higher paying jobs can and will happen.
Wait a second, Cathay has outsourced their cargo flying to U.S. pilots based in the USA. Those U.S. based pilots earn much less than an "A" or "B" scale Cathay pilot. Same with Dragonair Cargo.
Interesting huh ?
Those sneaky Japanese have outsourced pax flying to U.S. pilots based in Honolulu. Did they do it because they felt bad about Pearl Harbor? No, I think they did it because U.S. pilots are lower cost.
Russian pilots who speak decent English have already left Russia and work for the likes of Korean, Emirates, Vietnam, etc. They make pretty good coin doing so. I doubt they'll sign on at some crap third world airline for lower pay. That is provided the third world airline could get approval from the FAA to fly to the USA.
India and China have such a severe pilot shortage that they are hiring Americans, Europeans, Russian, etc to fly their jets. Average Captain pay in India on the A320 and 737NG is almost exactly what it is at U.S. legacy carriers, $10,000/mo.
So, no the sky is not falling yet.
Just thought I'd interject these points into the discussion.
Typhoonpilot