Comment: Fallacy of composition problem here.
If all (or enough) employers fire works, then the general purchasing ability of the population will fall, employers will be able to sell fewer goods and services, leading to less income and more firings, more businesses failing and, eventually, the economy collapsing. What is individually rational, is collectively disastrous.
If employers do not pay more to their workers, eventually inflation will eat the purchasing ability of workers, reducing consumption, and leading to the same place. 
So far, the solution has been supplement falling purchasing power with debt. But debt comes with its own consequences and this option collapsed in 2007.
Overall, damned if you do, damned if you don't.
Maybe reintroduce slavery? Most people are debt slaves already, all it would take is some legal changes. The ground of our legal system is Roman law, where the idea of absolute property rights can easily be used to justify slavery. So, it would be easy!