There's an interesting post here from Getting Ink on how journalists can survive the recession. (As a complete aside, isn't the phrase 'credit-crunch' the most hideous thing anyone's dreamed up this year?)
I particularly like point 1 - write about something boring. I quite agree. I never bother pitching for anything remotely 'sexy' like travel or arts-related material, as it's (a) appallingly paid and (b) overwhelmingly oversubscribed. I suspect I've probably wittered on about this before, but you can't go far wrong with government departments or higher education, in my opinion.
I also like point 6 - diversification. It's important - and also avoids you being pigeonholed. I write/research/edit/proofread/create web content/nitpick with the best of them. Preferably all at once.