Layoffs, stocks put pressure on economy

Factories laying off workers, stocks tumbling and shoppers ditching their credit cards forced the economy to contract in June, a trend likely to continue in the second half of 2008, a private business group ...

[Kramer]

Even if you're lucky enough to keep your job or find one keep in mind you'll be making much less from the inflation and dollar depreciation. Paycuts or Fed taxation?

The answer doesn't matter, bottom line, we'll be making less.