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One of the themes running through the comments at Michael Miner's blog in recent months has been that disgruntled journalists should quit their publications. While not taking a position either way, I do encourage you to read former Star-Tribune staffer Delma Francis's account of life after taking a buyout before doing anything rash (or suggesting that other people do something rash).
Related: Emily Achenbaum's piece in the Trib about scaling back in moderation is pretty interesting, and I hope she checks in with lessons learned in her former paper. The one unanswered question I have is, should they both find themselves working part-time (as she suggests), what they'd do about health insurance. In my experience city life is totally doable sans kids at part-time rates--if it weren't for health costs. Frontline's "Sick Around America" is a chilling look at how awry things can go outside employer-subsidized insurance.