However, I would suggest that we have a moral obligation to avoid sinking as low as we possibly can. Yes, if people are hungry, they will work for pennies on the dollar.
Ethically, I would suggest we avoid desperate people en masse, for a whole mess of reasons. Hell, I can make a financial argument that suggests we not do that. You get better work from content people who have the means to consume.
I guess it's more a thought exercise. It's probably up to us, as individuals, to do the right things. We don't really have much history of doing so, collectively. Buggered if I have the answers.
But in talking of these, I see it more akin to the way Open Source software is up front and public about it - with the idea that enough eyeballs, these problems can be worked with. Being able to even frame the question, with politically charged areas like this, is a step in the right direction.
And no single person is expected to figure it out. But a thousand of us could.
If your fear is being replaced by someone who is ready to work for less. There are enough kids who will do anything for a job, including taking a good pay cut. To replace you.
The real issue you must be worried about being relevant to the work you are doing. Being productive, resourceful and keeping your skills up to date. And yes never putting yourself in a situation where you think some particular work is beneath your station.