My only advice is to get out one way or another. I'd try to convince your boss to lay you off (yay severance) and keep the subordinates. Either way if you were

My only advice is to get out one way or another. I'd try to convince your boss to lay you off (yay severance) and keep the subordinates. Either way if you were looking and they were doing lay offs sounds like a depressing place to work. Get out as soon as you can.