Yes, This is the system that the industry has set up.

We purge experienced fairly paid pilots and replace them with freshly minted newbies from PAN Am Academy and All ATP's, who are wiling to work for next to nothing, while hoping for a grab at the golden ring.

We can beat the high time vs low time argument to death, but I think everyone will agree that overall, flight experience has value.

I have flown with some very sharp low time FO's who were ready for upgrade and some who made me roll my eyes but eventually all made very capable Captains.

An FO on a regional airliner should be making 60K a year.