In this time of funding cuts and stress, what is the right reaction? I think that Professor in Training nails it: keep working! Stressing about what might happen is useful only insofar as it informs contingency planning. But, as a post-doctoral fellow, I have limited options that don't involve trying to develop a record of accomplishment.
One day I might get around to telling the long story of my attempts to move forward into the academy. But, for the moment, let me say that I like this attitude. Way better than assuming that disaster is coming and seeing that as an excuse for there to be at least some excitement in life. I really hope that I never get that cynical.
I like research but I admit that I also really liked working in the private sector. It had it's downsides, but I liked the dynamism and the idea that accomplishment was to be prized. I think that is why I have liked my current unit so much -- they have the same sort of culture!