I know I am in minority but I rather see layoffs than a general paycut. I really doubt I get picked to be let go but even if I do, it is better than my current situation which is doing job of 3 people. Just too much stress.
There are a lot of people in my location with nothing to do who dodged the layoffs because they belong to "good ole boys/gals club". But we all take paycuts and they get to come to office and pretend to work all day long while the rest of us have to work our asses off for reduced wage. This is messed up.