Pretty much. My wife and I, closing in on early retirement soon, will collapse spending down to mostly the necessities, and eliminate any planned big ticket purchases. Selling our house and moving from the SF-SJ Bay Area will also help.
Head to the rural plains if you can, many states have no personal income tax, are well prepared for disasters, and inexpensive housing. A set income goes a lot further in those states.
Wrong—There will be a great deal of change coming. Rule by decree, Obama care will be the law—New redistribution of all wealth! Government will control all businesses for the good of the unions. We have not seen the measure of change. By 2014 the USA will be transformed fully —like it or not. Best to join the Democratic Party and praise Obama’s Genius now to secure better rations in the new Republic of Obama.