I had a friend who in the early '70s was a pilot with Eastern and earning just under $70K a year. He voted with the union to let them go under, over a 5% pay cut. This resulted in a glut of pilots and other airline employees looking for non-existent jobs.
Then he started having problems making the payments on two houses, his Corvette, his wifes Jaguar, the boat and private school for the kids. He even turned down a job offer with a $60K starting salary from a friend, in a completely unrelated field in which he had no experience. He said he wasn't about to scale back his lifestyle and couldn't survive on a measly $60K per year.
Long story short, he lost both houses, both cars and the wife. To hear him tell the bright side of the story, they won their strike against Eastern Airlines and put those cheap SOBs out of business.