I don't think it's putting a target on your back. The company has done a ton of research and analysis to determine how many people they want to cut and how many they should make the offer to to get to that number. They not only know that some people will not accept it, they count on it. More people will accept than they can afford to let go, so you aren't making anyone mad by saying no thanks. But you have to look at it like this is not only the writing on the wall, it's big, neon, glittery writing with arrows and stuff. Your job is not safe. They don't HAVE to do this to cut people. Involuntary cuts will continue indefinitely. So you need to determine how prepared you are to leave, how much money you're being offered, and how that amount compares to what you make in a year. Best of luck to you.