If society reaches a point where there are too many people and no way to provide jobs for all who want them how will it cope?

Will we insist people retire earlier? How will they live?
Will we shorten the work week to provide more positions? If so, will we need to raise the hourly wage to adjust for the fewer hours?
Will we say screw all, grab what you can and to hell with those who can’t get a job?
Will business take advantage of the overabundant workforce and use it to lower the hourly wage because there is always someone out there to do the job?
How will we adjust for the non-working hours? More recreational activities? How will they be paid for?