A patient to nurse ratio makes a lot of sense, adapted of coarse for the level of care that is being needed (ICU vs the "almost ready to discharge ward").
In the same token, the nurses and their union need to let the hospitals call in and let off nurses as their actual patient count goes up and down from day to day. It's only common sense that some days you will need more nurses on duty, some days you need less.
As for wanting more money at this time – not so much. You can join the crowd of people wanting raises when things turn around, and things are working better.
Sounds about right to me.
I would like yo add one more thought.
We are talking about a change in nurse to patient ratio. Based on other industries technology changes have driven the need for the number of people it takes to do something down .. or eliminated it altogether. The health industry is high tech, I have to believe more patients can be monitored/ looked after with technoly gains. The technology gains may also mean it does not take a highly skilled RN to perform some of the tasks they used to do.
My grandmother was an RN in the early 1900's. Her duties were like that of an LPN today. No more gains made? I know thats not true!