Given the centrality of leadership for school success, leader morale and effectiveness in tough times can't be overemphasized. The authors' work examined how principals and superintendents deal with and are affected by a significant economic downturn. They surveyed 93 principals from one large upper-Midwest metropolitan area and 100 superintendents from four states across the country. Follow-up interviews were conducted with selected leaders. Their survey included both forced-choice and open-ended questions. The authors' data suggest that school leaders are a resilient breed, but areas of concern are emerging. This appears more significant for superintendents than principals, though both groups are clearly impacted. Given the climate of growing federal and state pressure on student performance, finding ways to help leaders personally navigate difficult economic conditions seems paramount.