As Captain Picard would say
Make it so
Assuming that what I am saying is doable and healthy in the long run, it would be an evolutionary thing that would not be sold to the people by promising them a lower standard of living. I think that our economy is on dangerous ground and our current standard of living is a bit goofy. You seem to be assuming that the economy and the job situation is going to get better before it gets worse. If this is true then never mind. I hope you are right
It is either a good idea or not. If you think it is a bad idea fine, but otherwise we should not be deterred by the notion that the American people are incapable of adapting to a tough situation.
They don't call them the good old days for nothing. :)