I have an additional thought:
I have noticed that in the Radio Industry:
1. Clear Channel has reduced their work force by thousands and have a salary freeze and hiring freeze.
2. Salem cuts pay by 5% for full and part-time employees and Senior management a 10% pay cut.
3. ESPN has implemented a hiring freeze across the network, including ESPN Radio and ESPN Deportes. About 200 positions will be eliminated and top executives won't get a raise this year.
These are just a few Radio Industry events. I'm certain that this is happening to virtually all industries and companies nationwide. Obviously these companies feel it's important for their continued success to make these cuts. Now, I only have one question: How does salary reduction stimulate the economy????