I disagree. The pay did SUCK 1988-1994 (as did the working conditions), but when the 1997 pay scales, coupled with a Captains max longevity of 9 years in 1997, we were making a pretty descent wage compared to the "real airlines." Our guarantee and conflict bidding really helped out too.

I have several family members, of equivalent longevity, flying as real commercial airline Captains for the legacy carriers, and (don't tell them) but since 1997 I've ALWAYS made more w2 on my single pay scale than they ever could stuck at their narrow body Captain rates (now their original retirement plans were usually better).

Are we at the top of the pyramid right now because the rest of the industry collapsed? Yes. Would a UPS/FedEx pilot be near the top if the industry wage scales didn't collapse after 2001, I bet we would.