Navigating job disappointment and considering a return to my old employer

After being unemployed for 6 months, I finally landed a new job, but it came with a $30k pay cut from my previous salary. I thought I had to make the best of it, but just 3 months in, I'm realizing this new position is just awful. Today, I found myself looking for new job opportunities again and noticed that my old employer has reposted my exact previous role, albeit for even less pay than I was making before. It's disheartening. I feel like I'm stuck in a cycle of disappointment and I'm dreading the thought of going through the job hunt process again. As I approach 40, I can't shake the feeling of failure. My spouse was also laid off recently, and it seems like this is a trend with companies these days, posting roles at lower pay levels. I’m torn about whether I should even consider going back to my old job. The thought of returning to a place that let me go feels like admitting defeat, but the current situation is weighing heavily on me.

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