There are a number of posts attempting to fix the undercut of the industry. It appears all would work with varying degrees of effectiveness.
1. Fix the longevity scales (I think "hate2breakit2u" has this one)
2. Get paid for your time (see thread pilot pay supply & demand)
3. Require an ATP for FO's at any 121 operation
4. Alpa to pay more attention to the bottom instead of the top (The problem here is dues $$$)
5. Change public perception of the "overpaid pilot"
6. Finally the "Don't work for xxxxxx airline rants" (probably the least effective in the long run)
The answer is yes we can fix our problem. The question is.... do we as a pilot group want to?