These are frightening economic times for sure. It is also a frightening political time with lack of civility and willingness to work together to solve our problems.
It was different back in 1979 when one had 20 years or more to recoup investment losses. The global scenario seems more unstable.
We are definitely scaling back trips and major home improvement projects. Our second car which is 7 years old will have to get a few more miles before a trade in.
Investment-wise for Roth IRAs and 401s, we are already taking a beating even though we are well diversified. Thankfully we are not relying on this for income as others might be at this time.