You can have the socialist argument of "hey senior engineer, take a salary cut / no raise for the common good, to avoid layoffs of junior engineers - which btw would be the first to go as they're not as productive as you are" and I've seen plenty of senior engineers accept that. Their livelihood are not as stake so they'll take one for the team, forgetting that it's a for profit company which can't find the money.

In the above scenario, I refused and I wasn't fired - but I also started looking for a job and switched 2 weeks after the above episode happened.