I agree. I'd think that salaries could keep fluctuating up and down, like in the oil market, rather than the number of people employed in the economy as a whole. After all, better to make 60% of your earlier salary than zero, for most people.

I'd also think that a job may not be worth doing at a given salary but worth doing at a lower salary. Isn't hiring just an ROI decision, which should theoretically make sense at a lower salary?