I was in a fairly similar situation recently and pulled the eject handle. Started working on the grounds crew of a golf course when I was 16 and have done so for the past 7 years through college. Last year I was promoted to assistant superintendent and went from a wage earner to salary. This isn't a field I studied nor intended to stay in after college, but with the way things are, I figured I should stick it out. Earlier this year, they cut my salary and sent me back to wage, and after a second pay cut I suddenly found myself, and the rest of the crew, making the same amount I did when I was 16. At the same time my boss decided to take another job, gave his 6 weeks notice and then start using up his vacation time, effectively leaving me in charge. Here I was making 9.50 an hour while being asked to work 70+ hours a week to keep the place from burning down. I did that for about two weeks, and in late May went to the ownership telling them I wanted to be paid my boss' salary or they'd have to lay me off. They balked, so I left, filed for unemployment and was approved because of the significant loss of pay and benefits. Now I'm back in school working towards my Masters' Degree.
Check your state's laws, if your employer slashes your pay and benefits, it could be considered the same as a layoff, and you can bounce out of there and collect for a few weeks while you get yourself back in action elsewhere. Good luck.