Given that productivity has skyrocketed in the past few decades it should be totally unacceptable to need to accept a 20% pay cut for only working 32 hours.
If we ever figured out a system where prices like rent weren’t set by the most that people are willing to do, maybe we could finally get more leisure time from our productivity increases. In the meantime, everything is an auction :(
actually it's a little (tiny) bit offset by paying less taxes proportionally. So your net income would be like 84% instead of 80%. Doesn't change your overall point, though ;)