I know you´re concerned about job security, but perhaps you should consider working in translation, which is what I do. Given your language skills, it might be right up your alley. A couple of schools have recently added an M.A. in Translation (Rochester and U. of Illinois at Urbana-Champaign). This leads me to think it´s a growing field in the U.S. (I live in Mexico.) I saw at least two universities (IU and UIUC) that had certificates in Translation within their Ph.D. programs, so that´s another possibility. That way you could teach and do literary translation. Lastly, just because you speak Spanish doesn´t mean you need to limit yourself to Spain. There are over twenty Spanish-speaking countries in the world and many of them, Mexico included, have been producing worthwhile literature for a long time. If you wanted to immerse yourself in a culture, Latin America is a good option. (By the way, despite the drawbacks you mention, I´m interested in U. of Michigan´s Comp. Lit. program, so if you have any comments about that, I¨m all ears.)