The deteriorating economy continues to affect people in a real way, per this report. The unemployment rate is now 6.5%, the worst in 14 years. Jobs lost in October: 240,000. Evidence that things will improve soon: scant.
Impact on businesses and employees: belt-tightening; layoffs; severance agreements.
Whichever side of the line you're on, get good advice before you take action. It's the best way to avoid having a difficult and unpleasant situation blow up into a major problem.