I was "downsized"(the term my company was using at the time for layoff) in 2002 because they were "restructuring" the workforce.  What it meant was that I, a salaried employee of more than 30 years, was replaced with an hourly-paid temporary employee who does not receive benefits from the company.  I considered myself lucky as I had so many years in and was over 55, so when my compensation package expired, I was able to go directly into drawing my retirement - altho it is at a reduced rate.  It also affects social security when I reach that age, as I only found employment that paid less than what I was earning.  Now I'm a SAHGM with 4 yo DGS.
Times are hard; I understand the company's viewpoint in the "bottom line", but my heart goes out to all those who are younger and no jobs available.