I think we are all going to have to rethink the way we live. We've been so complacent so long... we take for granted that we NEED to have the bigger house (to heat and cool and pay taxes on) and need newer cars so we can all look successful... and NEED to live in a specific area even if it's a 45 min commute to work each day.
Sad as it is, we've allowed ourselves to be put in this position and now we need to suck it up and face reality.
Downscale... make being frugal the new "cool"!
Quit wanting more and be proud you know how to enjoy life with less. Refuse to be a victim of the economy and you'll be amazed what a few changes can do.
Just look how many SUV's and big pick ups are on the road... How many of us really NEED them? How many can really afford them or afford to drive and insure them?
Look at the type of food we buy... quick, unhealthy and expensive! If we'd go back to actually cooking... drag out those dusty crock pots and let a cheaper cut of meat cook while you're at work and you can still have a decent meal.
Make it a family project to see how much lower your next electricity or gas bill can go.
We need to help ourselves if we're to survive this and in the process we need to teach our kids so they don't repeat our mistakes.