Poor excuse.
Retraining is part of the solution, but that is very costly and most companies will not spend money on retraining during tough economic times (come to think of it, they barely do during fat times too).
Lame excuse.
As far as taking a pay cut, although this is a reality in today's climate it is very difficult to accept based on our cultural indoctrination.
Excuse.
The lessons learned by the Depression and WWII generation (saving for a rainy day and owing nothing to anybody) are completely lost on the current 30, 40 and 50-ish crowd.
Excuse.
The result is a crisis of debt that demands at least the same salary as before (it also proves that Madison Avenue was very effective in delivering the message that one's things are who you are).
Excuse.
That being said, I think that many people - hard working, followed the rules types - feel betrayed when they are laid off as a result of forces out of their control and have to accept a salary that is sometimes less than half of what they were earning.
Excuse.
Man, that's a lot of excuses.
LOL