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The decrease in salaries or in the number of people receiving those salaries is rough for those people and their families, but beyond that, I think this is a largely overblown issue. We'll see the pendulum swing a bit away from what most people call "real journalism" toward things like blogs and podcasts and such. And then we'll hit a time when people say, "Wait, where the hell is the real journalism?"
And the Times will start hiring again.
It you're the source of new, important information, that's much more attractive to readers/listeners/viewers than just being part of a vast echo chamber.