So the New York Times Corporation is unilaterally implementing a 23% wage cut.

I think that the National Labor Relations board may have something to say about this.

Absent bankruptcy, a contract is a contract.

I think there have been a number of reasons that this was rejected.

First, the Times‘ financial problems, are not as a result of the declines in the newspaper industry, but because of the enormous amount of debt that they took on to build, and move into, a swanky new headquarters building in 2007, and to pay (borrowed) cash for it.

When they could not roll over the short term loan, because of the financial crisis, they had to take a loan from Carlos Slim at very high rates. (14% !)

It also did not help that management handled communications abysmally, refusing to talk to its employees about the offer, refusing to send New York execs to the newsroom, and getting the math wrong, and then refusing to adjust the deadline, and making the cuts for rank and file about 50% larger than those of management.

This wasn’t a communication of the needs of the corporation, it was a communication of contempt for Boston by the folks in New York.

It should also be noted that the fact that the Times was not looking at New York for any give backs, and in fact continues to spend profligately, and just 2 weeks ago, the gift that keeps on giving, Thomas Friedman, shot his mouth off about how he never had to talk to an editor about what he is doing or spending:

Thomas Friedman, the Times’ chief foreign affairs columnist, lauded the efforts that Arthur Sulzberger, Jr., has made to keep the newsroom intact, saying, “I just have a great deal of admiration for him.” He told me that since taking his current post, in 1995, he has never been asked by Sulzberger what he was planning to write, or how high his travel expenses would be. “To be able to say what I want to say and go where I want to go—other than a Sulzberger-owned newspaper, you tell me where that exists today.”

(emphasis mine)

So, once again, Thomas Friedman, the man who is always wrong, drops another steaming redolent load on people who are ordinary enough that they have to work for a living.

I don’t know why the pay his travel expenses, he can create fictitious taxicab drivers who say exactly what he wants them to say while sitting at his home.