CLARKONOMICS: As you've probably heard by now, Citibank has announced 52,000 layoffs -- enough people to fill a stadium. The company is also raising interest rates on their credit card customers because they need the money. Most customers have reported an average 3% increase in their rate.

It almost goes without saying that we'll see more layoffs and hours being cut back with other employers. So where's the positive news?

Well, even if we hit a 9% unemployment rate, that still means more than 90% of us will keep our jobs or be able to find new jobs in a reasonable time-frame.

But the even bigger news is that companies are budgeting raises for 2009 at the same level as they were for 2008, according to a Business Week survey of employers. Because inflation is expected to be minimal in 2009, that means that the average pay raise will exceed the rate of inflation!

Still, be realistic about where you work. If you know the axe could fall, it's incumbent on you to get your financial house in shape ahead of a possible bloodletting. If you're in a 2-income household, can you dial back on lifestyle and save one of 4 checks coming in each month?