budget cuts & this economy

wow, all this news about a bad economy and budget cuts is really starting to get to me. i know that sounds a bit... uninformed from my end, but it's starting to really hit home. for example:

because of budget cuts...

- the Internship & Career Center has to start cutting various things now, and will be cutting more services later. For this year - no more end-of-the-year ice cream social. For next year - goodbye color printing and interview stream...

- I just found out that one of the courses I wanted to take for next Fall has been cancelled due to budget cuts. I've never heard of that happening before...

because of the economy...

- friends of mine, who i believe are extremely accomplished individuals, fear graduating this june. they've gone through interviews and second rounds of interviews only to call back and hear "sorry, we're not hiring."

- more students are pursuing grad school; stay in school until the economy gets better, right?

- jobs are being cut left and right [on a side note, i should be very fortunate that i was able to keep both of my jobs].