Ok, how brutally honest do you want??? I'll just go ahead with what I think you are asking for, if that is okay with you...since you are "really not all that doltish".
You know what, I have had some wine tonight, so I will refrain. I will say this...please look at my post above and answer a couple of questions...do you mind continuing lowering pay throughout the industry (that is what you are doing, whether you realize it or not), and do you really think it is justification that since it is a pay raise for you that it makes it okay to do the previous?
Listen, all of us have been in your shoes. It sucks. I will not say pay your dues. I will not say somebody else will not take your place. Quite a few of the people on this site "took my place when I said no to the regionals" and their suck. Can you look in the mirror later in life when you are president of (insert whatever you want, or Chief pilot, etc.) and telling youngsters not to take the low paying job that management keeps throwing in your face.
Just some things to think about...pardon the wine's influence. It's been an interesting day over here.