I was here during the 80's when oil prices collapsed and government was a fraction of the size it is now. 
The ensuing panick didn't result in the loss of dividends or bring back the income tax. 
Oil prices did rebound and production nearly doubled. Now I don't think this will happen this time around but after enough private sector gov dependent jobs are cut and along with cuts everywhere else who will pay teacher salaries when pupil population declines? Who will pay for gov employee salaries? Who will pay when gov fueled inflation drives the cost of gov to rise even further that the year before?