Salaries Get Chopped for Many Americans Who Manage to Keep Jobs

Matthew Boesler and Reade Pickert

Companies across the U.S. are cutting salaries as they fight to survive the coronavirus, upending a key assumption in modern economics and raising another hurdle to rapid recovery.


The pandemic has triggered unemployment on a scale not seen since the Great Depression. Pay cuts for Americans who’ve managed to hold onto their jobs may hobble the return to normal. People will have to use a bigger chunk of their income for fixed obligations such as housing and other debts — leaving less for the kind of spending that can help spark the economy back into life.

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