I suppose it depends on where you live, and what you do. I live in Boston doing software, so I can always find another job without moving. It will affect Midland more.
Midland is an old company town, and there isn't a huge amount of chemical industry in the state, other than the Dow support system of suppliers. The other employer in town, Dow Corning, was a joint venture but (as was also announced today) is also being absorbed back into Dow.
The house prices in Midland will collapse, as lots of people move out of town together. There just aren't going to be enough open jobs in the chemical industry. I think most people will either have to retrain or retire early.
I know that's how the world works these days, but it is sad to see my hometown come to such hard times.