I feel like a player on the bubble in training camp. The board told management to find some more money for 2009 and things are alreadly cut to the bone. Being in an overhead type job (accounting) with no unique job-related knowledge I feel relatively expendable. Last January I was in the same position in a different industry and got laid off. I really don't want that to happen again. I guess I should get the feelers out, but this job market is getting scary.
Get some feelers out and get your butt back to school so that you have the latest and greatest knowledge for a hurting company.
Or start your own business with your current employers as your client. Take everyone you can right out of the office you are in, who is in the same position you are. No benefits and no guarantees, just a paycheck to get through the recession. Ask the management to assist you in setting it up so that you provide only what they need to survive. You already have a foot in the door and a seat at the table. Use it!