Pilots in Mexico make less. Maybe South America too. However, compared to other professions, they earn a high standard of living even at the regional level which is usually not the case in the US. If you think our shiny jet FOs look young, those boys look like they haven't hit puberty yet.

Ever since I got into aviation 11 years ago there have been predictions of pilot shortages. I think we saw glimpes of it in the summer of 2001 and 2007. However, 9/11 ruined it in 01 and all the fuel prices for 08. There are so many variables that you can't say when a shortage may happen because a terrorist attack, fuel prices, bad economy, and who knows what else could change it within a month to furloughs throughout the industry.

However, if a lot of companies hedge well, and no terrorists attacks, it is possible that in 2012 the hiring will be up and a lot of Favre pilots will finally hang their hats.