What's the saying? Beggars can't be choosers.
Like other have said, pretty much anyone is expendible. They can, and will find someone more than eager to work for less than you, and willing to work the hours or job you aren't eager about. With buisnesses having trouble, some places closing down, slowing down, or cutting down, finding jobs is going to get harder. If things get competative, a company looking for profits isn't going to stand for someone playing prima dona and shouting they refuse to accept a pay cut.
If your already make a decent wage, and your company is facing a, "cut everyones pay by 5% or lay ppl off, or go out of buisness", I think 5% is a small price to pay to keep your job. Now with someone barely paying minimum wage it's a problem, but auto factory jobs are considered excellent pay in many smaller towns.