If your salary is $1m and it is changed to $70k, by any measure that is a $930k pay cut. Any moron knows that.

And this owner is not 'paying everybody $70k.' He raised the minimum salary to $70k. As in, other employees may be able to make more than $70k. Even the biz owner, who said he'd raise his own wage back up in a year or two after they figure it out. One thing to figure out is pay equity for the higher earners now that the bottom is higher.

It's a mistake to assume that pay inequality has been removed. It hasn't.