take a 40% pay cut job?

I got an offer easily, only 1.5 hour interviewed by the VP and engineering manager in the company. But the pay is cut 40% from the salary in my last job. I was told in the interview that I have to work longer hours everyday without extra pay and in a very fast pace manufacturing environment. This is a small private owned company.

Should I take this offer? or should I reject it and keep searching for a better job?

XDJM: Is the job market getting better or worse?

Background Info: mechanical engineer, out of job for six weeks, LD still works and can cover family basic expensive.