What can you tell someone who has recieved a demotion in their job to help them cope?

Someone I know just was demoted. The demotion was due to their job being eliminated for budget cuts. The position they were transfered to is less money and less flexible. The person is very depressed due to this. They are having difficultly finding other work and feel trapped and stuck in this new place without any options. This person is close to me and I want to be able to say something useful other than “cheer up” “it could be worse” or “we’re all struggling right now.” Any advise would be greatly appreachiated.