So a 50% pay cut is MUCH different for an executive earning $700,000 or more a year, than a poor manager or STM making $45,000/year. You can still live high on the hog with $350,000
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https://www.charlotteobserver.com/news/coronavirus/article241557351.html
Any mo–n that makes $700,000 and cannot make their house payment deserves to go into foreclosure. I don’t have ANY sympathy for someone who can’t pay their bills making six figures and up.
we went through this at HP in the 2000s. It's actually better to lay some off, rather than cut everyone by 30% (for example). When you just cut pay, many cannot pay their bills as most of America lives closer to their limit than that. If you just cut salaries, people can't pay bills, have to quit and aren't eligible for unemployment because they quit instead of getting laid off.
Believe it or not, even that executive earning $700k likely has things financed and wouldn't be able to make the payment (house?) if they took a 50% pay cut. Yes you can definitely live well on $350k but not when you're in a million-dollar house that can't be sold because people aren't really buying those right now.