The real consequences will only be known in a couple of years as there will be a massive breakdown in trust and loyalty between employers and employees. Sure, those who have been left jobless will be "happy" to be rehired on half of their previous salary while things are still as bad as they are today - but, once it picks up and more opportunities appear, there will be a mass exodus of personnel from some places. Some of the things some managers did in the past 6 months simply can't be forgotten or forgiven because they lack basic human decency and professionalism. No matter how hard the situation, there's always a respectful way of handling it - but some never bothered to think of one.