Sesame Street, that beloved icon of childhood, where we learned everything we needed to know that later showed up in an overpriced book on business leadership, is under seige.

We thought that a neighborhood of loveable, shaggy Muppets would escape the ravages of the recession: my friends, we were wrong. So, so wrong.

In a tearful announcement earlier today, Kermit the Frog announced that, effective immediately, Sesame Street will lay off 20% of its workforce. While he refused to give specifics, he did indicate that the cuts would be made from the on-air staff, leaving no-one immune to these Draconian cost-cutting measures. Out of approximately 140 Muppets, this represents a loss of 28 beloved characters. Who will it be???

Video of the press conference from CNN:

and some updated lyrics, for the fans: originals here

Pogey Day

Sweepin’ the sun away

On my way to get my benefits

Can you tell me how to get,

How to get to the EI office, please?

Come line up

It’s fun to be a grup

Friendly social workers

Will see you now

Can you tell me how to get

How to get what’s coming to me?

It’s an Orwellian ride

Every one will be pushed aside

Unhappy people like you–

Unhappy people like…

What a terrible…

Dreary Day

Smokin’ my cares away

Off my head, here where the air is sweet

Can you tell me how to get,

How to get to …

Um, I forget.