I work for a different market (Scandinavian, not US), so it's a bit different. Our economy hasn't been hit as hard as you guys, so it has less effect all over. Still, this is a global crisis, and so like rings in the water, some drift over to us anyway.
About once every year, I ask my clients to raise their fees. Some say yes, some say no. It was the same last year, when I contacted my clients in November. One client - not relying on advertisement - raised my fee by 20% (it's a small gig, so it doesn't amount to all that much.) Another client - a web-site with heavy ad contents -couldn't afford to because of the situation.
Here's the interesting part: instead of letting me remain on the same level for the same job, the client suggested he could lower my work load, yet keep the fee at the same level. In 2008, I did the equivalent of one small article a day for them = 5 articles a week. This year, we've agreed I'll do 4 articles a week (I write two a day two days a week, leaving me three days for other stuff). In other words: a 20% reduction in the work load and no change in the fee. This could in turn free up time to work for other paying customers (or writing on my novel as I have chosen), thus increasing my salary that way.