You do not owe an employer or your direct boss loyalty. 2008 taught a lot of people that their employers give no respect nor feel any loyalty towards their employees. Other companies have screwed long-term employees out of pensions. Companies do whatever they have to do to make a profit, and employees are expendable. Even if you aren't the one laid off you end up doing the work for 2, putting in 60 hour weeks if you are a salaried employee. They cut hourly work weeks just low enough they don't have to pay benefits. Many don't even pay living wages to their employees.

Employees only OWE their employers what they sign in their contracts. That means you come in on time, you don't abuse sick leave, you don't steal, you respect privacy, and you do whatever else you agreed upon. Never, ever think your employer is going to take care of you - they won't. You are on your own and your first responsibility is towards yourself and your family. All employees are expendable, and so are companies when you get a better offer.