Right now pilots are overpaid!
Why? Because there are more pilots looking for work than there are jobs. Demand for labor is low and supply of labor is high. The result is wages can decrease and airlines can still staff their flights.
The best hope for regional pilots is the 1500 hour total time bill passes congress. I'd expect to see some a slight rise in pay at the lower end of the spectrum (1st and 2nd year FO pay at regionals) due to the new law in a few years when the economy recovers. Without the law, I'd say $22 an hour is too high!