Three quarters of your pay is belonging to us

This kind of thing seems to be becoming quite common. I expect that for most employees on ordinary wage levels a pay cut of 75% would simply be impractical, because the cost of living is not falling at a similarly rapid rate - in fact retail prices seem to be continuing to rise (aka stagflation).

A month or so ago, when I was still full time employed myself, there were many confident-sounding predictions that the economy would begin to turn around in the second half of 2009. Whether or not that will actually happen remains to be seen, but recessions don't last indefinitely so sooner or later things will begin to pick back up again.