Congratulations, Here's a Pay Cut (businessinsider.com)

That’s my situation. A 3 month job hunt ended with me taking a much lesser role with a 25% pay cut. It was literally that or continued unemployment. I’ve essentially lost 5 years of salary increases and 7 years of career development. Companies are probably happy about this current situation. They can hire more experienced staff for less, and not worry about them finding a higher paying job later on.