I recognize the need for such things with the current economic situation, so i don't blame the company that much. I *am* still employed, which is better than the alternative. The CEO technically took a 20% salary reduction, though i have no idea what that means in terms of his overall compensation.
Point being that it's clear that Obama's presidency is a failure because this never happened under the previous president's reign. Worst. President. Ever. I certainly didn't lose 8+% of my income under James Buchanan. And this is only after one month! Imagine how little i'll be making after the next 47 months.
An obnoxious side-effect of this is that it may cause me to stop fully funding my 401(k) for the first time in the twelve years i've had one available. I've always put the legal maximum in both a Roth IRA and (now) Roth 401(k). Even after the pay-cut and the increase of the 401(k) limit to $16.5K, i could still manage maxing out in 2009, but that'd require a very insane saving rate, rather than a mildly insane rate. I know i shouldn't worry about it, but there's an irrational part of my nature that hates not doing all that i can do.