You now have a year to a year and a half at most before the next economic meltdown
The RNC is asking for 2.5 trillion in spending cuts over 10 years. Assume Obama and Dems split the difference (remember, Obama wanted a freeze already, anyway). 1.25 trillion.
The effects of that on the US economy, such as it is, will be catastrophic.
If you can work right now, do. Earn as much money as you can, reduce your costs as low as you can and get ready for the next downturn. It’s going to be ugly. Jobs will continue to be shifted out of the country, Americans will continue to be turned into debt-serfs with every relationship a revenue stream for some entity which provides a necessary service (whether internet, credit, food, or whatever). Your house probably can’t be sold for what it’s worth, since the banks have a ton of houses they need to sell, so don’t assume you have an asset worth its face value, instead evaluate it as housing.
Times are bad, they will get worse, especially as this type of austerity is happening in virtually every western country. Expect both high inflation in what you actually need (food, for example) and high unemployment (the return of stagflation), whatever the “official” rate of inflation says.
This is what Americans voted for. Republicans were very clear that this is what they wanted, and Obama spent his campaign talking about tax cuts, not spending. They’ll meet somewhere in the middle. “No, let’s amputate at the hip, not the neck.”