In these economic times, it's important to work together. I'd be willing to take a modest pay cut and tighten my belt if it meant that my co-workers weren't going to lose their jobs. It not only worsens the economy, but it makes everyone's job harder when we have fewer employees and resources to do as much, if not more, work. I hope that my co-workers would be willing to do the same! I also bet such an attitude will boost productivity and improve morale in the workplace because people realize they really are a team, and it's not everyone for him/herself.
For an interesting take on this topic, see:
I would unlike those "caring teachers" at the teachers union where they sacrifice their young.
michael g riley