According to Ice-T, everybody is being hit hard by this recession, even the big dogs like himself. The man says that now is certainly not the time to be out spending on luxury items.

At a party, he stated, "Unless you're ultrarich, like to the point where you can't go broke, motherf****rs are buckling and tightening their belts. I mean, me and my wife, I'm on a hot television show [Law & Order], but this year we're like, let's spend a little less, not splurge. You don't want to be like, 'D*mn, I wish I didn't buy that $8,000 jacket.'"

Truer and wiser words have never been spoken.

And it brings us comfort to know that even those earning millions a year are feeling the pinch too -- not!

Via The Cut.