Got a pay cut, should I be ultra-pissed here? Poll

[deadbody]

Okay, the carpet store I work for is in dire straights. Our sales are down 35% from last year, and we are $100K in the red. On thursday the owners announced at the all staff meeting (all 8 employees including the owners) that the staff would be taking a 5% pay cut retroactive to the last pay period (that we were paid the next day for). They also announced that they would be taking a 10% cut in their pay.

I am the bookkeeper, so I see all the money coming in and out, and I know last year the owners took out over $100k in bonuses and disburments. Also they brought in a consultant who is a friend of the family who owned his own vending business for 30+ years, and he is recomending more cuts to expenses that are impossible/unreasonable (i.e. he said we will cut auto expenes down to $500 a month, problem is we spend on average $1k a month, and we can't quit driving to jobs). The business has a $150k line of credit at the bank that is maxed, and I'm really worried that we won't have enough money to pay the bills week to week (I'm already holding checks to suppliers a week or more longer than normal, so they are not getting mailed til after the due date). I'm already looking for a new job (have been since one of the owners got in my face and cussed me out when I told him he was wrong about something), but this has turned that search into high gear.

Here's the issue I'm having, first off, should I be pissed at the consultant who made financial reccomendations without talking to me (the financial guy in the company) that included cutting pay? Note that I talked to him earlier in the week and said that a pay cut is not a great idea, since the only salesperson had her pay cut a year ago, and they know I am the sole breadwinner in my family so my wife can stay home with our 2 kids.

Should I be pissed at the owners? They took out $100k last year, and have said that they have no money to put back into the business (i.e. that money is spent) they own 3 houses (2 in Minnesota and one in Florida) and when the business rebounds I have no question that they will take out a much cash as they can again. They have promised that the employees will be repaid for the pay cut when the business can afford it, but I'm not sure the business will recover to that point given the comedy of idocy the owners have shown. And if the business goes under after a few months, having taken a lower paycheck will negatively impact any unemployment benefits I can qualify for if I don't have a new job before then.

Thanks for reading this rant/question.

Cliffs Notes: My pay got cut 5% because the owners of the company I work for hired an incompetent consultant, and took all the cash they could last year when the business was doing well.