Impact of the economy on PMs

Josh Nankivel at PMStudent.com created a survey that asks participants

What impacts on project management (in particular) have you seen from the state of the economy?

A slightly revised version of my initial response below:
In the world of software development within enterprise IT, with less money available for projects, teams are asked to do the same or more with less....less money, less people, less tools, etc. The PMs who will be the most successful in this climate are the ones who do more than just manage. Those that can lead, inspire and motivate, those that can innovate, those that can break down barriers and remove impediments, those that can teach and mentor and make others better, those that can pitch in and code or test or prioritize requirements or help solve problems when necessary, those who can get stuff done by building empowered and enabled high performing teams will succeed.....come to think of it, these are the people who will also be most successful when the economy is strong!