Wolf Appliance asked its Madison employees for a 20% pay cut toady. The employees said no. I thought WOW in this economy any job is better than no job. One employee who voted no explained it like this, "either way I'm doomed, the pay cut puts me on the street and losing my job puts me on the street". My question to Wolf (makers of very expensive stoves) is would the prices also decline by 20%? My guess is no. For some reason business hasn't figured out that if we continue to depress wages and benefits they lose. At some point (I think that we are there) we won't have enough people to buy things to keep the economy going.
We also have Harley Davidson doing the same thing. They can't compete because people don't have $17,000 to spend on a motorcycle that won't be driven all year and gets bad gas mileage. When they leave prices won't go down.
Henry Ford believed that his workers should be able to buy the cheapest car made and paid accordingly. Today's executives could learn something from him.