This is an argument put forward for many academic career paths. One glaring example are the people with M.Arch degrees that end up doing "CAD monkey" work all day. I enjoy the whole architectural thing, but everything in the field has changed to accomodate efficiency. This leaves otherwise talented people to "pump CAD" and accomodate various buildings to the next McDonalds that plans to come in.
The same can be said for various fields in respect to their particular job markets. Architecture is, again, a good field to use as an example; the housing crisis makes the architect's job a very boring one if noone wants to build houses/businesses.
I've even seen the job market fluctuate such that anesthesiologists cannot even easily secure a steady, permenant full-time position. This was an extreme case in the mid-'90s when the anesthesia market was flooded...such anesthesiologist, who shall remain nameless, had to go all the way to St. Lucia & later Minot North Dakota to fill temp positions.
All bets are off with all career fields. The Soviets tried to eliminate this by instituting state control over the economy; even this effort failed. To use the architects as an example again, there are many political cartoons depicting architects that were relegated to sweeping the floor...there ended up being just too many for the sector to productively integrate within that job field.
In the end, it comes down to picking a career field and hoping for the best, making rational decisions along the way. Myself, in this economic environment, I'd think myself adequately paid if I got anything above $40,000.00 right out of school. I might even be able to deal with a little less than that as a newbie. The most important thing to me right now is a steady job that doesn't completely stress me out with pompous, overbearing coworkers and supervisors that I don't have to work around the clock to appease without getting overtime, often putting my life and well-being at risk in so doing. If I do get the aforementioned negative, non-productive work environment, I would like a certain amount of job mobility so I can take my skills elsewhere if need be (or maybe even work for myself!). The ability to really make a difference in peoples' lives is another thing that would make the average workday worthwhile, rather than just being relegated to "monkey work".
To me, after working in the uniformed services, I have come to accept that there are things much more important than pay when we're talking about career paths. All of the above italicized items are the major reasons I am going into this career field. An increased salary, to me, is icing on the cake.