You might consider looking for a job instructing at one of those schools in CA or AZ that train foreign pilots. One in Bakersfield has been advertising a salary in the high 40's, weekends off, and full benefits. This would be a great place to weather the current hiring freeze.

As you gain experience, you might want to consider going to a fractional instead of an airline. After talking to a couple of fractional pilots lately, I get the impression their business hasn't slowed a whole lot (yet). You may very well have the hours to apply at a fractional by the time airlines start hiring again.

Also, somebody earlier mentioned ultralights. There are a couple of schools in CA that make great money providing instruction with light sport aircraft. With fuel and other costs rising rapidly, I'll bet this will be one of the fastest growing segments of GA in the years ahead. It might be a good place to get in on the ground floor.

There's still plenty of opportunity out there. It might not be in the right seat of a jet, but chances are you'll be getting paid better and having more fun!