My thought is this:

Since the 50's families have increasingly required TWO incomes for a middle class life. America also now competes, not so much dominates, in global economics. Competition tends to level the playing field.

So the folks in China, India, etc. are getting more of our lifestyle, while our American lifestyle becomes harder maintain without working harder.

Deregulation and management aside, I don't think we young folks can expect to do the same job for the same pay and time off any more. The WORLD is changing. Pilots are just one ingredient in the global market.

Increased efficiency and competition. Makes everyone lean and mean. And so are our paychecks.