Is the recession an excuse to sack hacks?

I've heard this a lot recently. Many regional journalists believe that their managements are using the recession as an excuse to cut staff to the bone so they will make more money when the upturn comes.
Hitman posting on Peter Kirwan's Press Gazette blog Media Money puts it like this: "History will record that it was just unlucky that this financial hiatus came at a time when the regional press was in the hands of deadhead accountants and jumped up sales reps who had always feared and loathed journalists and all their foul works.
"It was the excuse they had been dreaming of. They've always wanted to do this; sack most of us, grind down the few survivors, and fill our papers with any old PR shite that happens to get emailed in. It's their turn, they are in charge, the time to exact their mean and savage vengeance is now - and Christ, are they going to make us PAY."