I've been pretty fortunate (as someone with a high school diploma and a little college) to have been steadily employed for most of my life. However, the price of living has been jumping up by leaps and bounds lately but wages have remained relatively flat for the past 6 years or so. So, in essence, I've been taking a cut in pay as long as my wage hasn't kept up with inflation. It's getting more and more difficult to stretch the dollar. Couple that with the coming burden to fund Obamacare and we can look forward to some really difficult times ahead.
I work for a huge corporation that has no loyalty for its employees. It's completely money-driven. I've seen some really good, long-term employees with lots of experience and knowledge laid off because they made too much money. So in today's work environment, nobody is safe.