I think if it were me and I knew I had been doing a great job for most of my short career and it was the first time my department had suffered a downturn, I'd go home and tell the misses they can shove it so far up their ass it'll come out their nose assuming I knew there was a market for my services. Then I'd tell my boss "Sure, sounds like a great plan" then send out CVs everywhere plotting my exit asap. Ungrateful fuckheads.
That's just me.