It's happening all over the planet at the moment, and sadly it's those with cars that are being hurt the most. At least in the UK you have a decent public transport system, this goes a long way to help ease the load.
Here in NZ everything is so spread out that if you don't have a car your pretty much F*cked, and even I have stopped using mine. Better to walk, or bike it than pay for something you can live without.
What the hell is going on in my wee corner of the globe? S*it I'm due to come home in January and even I'm getting worried.