Nobody gets salary cuts. What happens is that devs get laid off then companies hire at lower salaries.

This is indeed what is happening right now.

That points to a short term behavior. When things get dire, unemployment among devs goes up and salaries start dropping in general.

I really don't worry about this stuff until it starts looking like the dot-com bomb again. I survived that, I'll survive this.

Inflation is another way that salaries get cut without officially getting cut.

Makes sense.