I wouldn't call the area a ghost town. Russellville is probably one on the decline.
The Shoals is definitely more diversified than many areas of similar size. There is no one place that everyone, or at least one family member, works but you do still have TVA, Wise, the hospitals, schools, some newer industries in Barton and Muscle Shoals, and many smaller employers that service some of these larger ones.
I actually know of no one that is actively looking for work that can't find it, but I'm sure there are some. There are a good number of people that work in Huntsville or Decatur but still choose to live in the Shoals, and I think that says a lot for our area as to a great place to live, raise children, or even retire.
The Shoals has done ok during the Great Recession and in my opinion is poised for an above average rebound with the low cost of living and the educational and training opportunities offered by our local colleges.