You need to keep in mind the bigger picture: you all work for the owners, not for each other, and the owners have no loyalty to you. Blurring that fact is an excellent way to be manipulated, because you can be deceived into being loyal to something that does not deserve it.

And frankly the kind of thinking you seem to be advocating has no barrier preventing it from justifying the absurd. Why not volunteer to take a pay cut, to help your colleagues from feeling the heat by allowing the team to have a larger headcount with its budget?