In the near future, our entire GDP is going to go to making interest payments.  By 2020:

One thing is clear: Based on CBO projections, if interest rates just rise to their 20-year average, we will have an untenable, unacceptable interest rate bill whose beneficiaries are China, Japan, and others who own our bonds.

That simply will not happen.  We are looking down the long barrel of default.

So what does that mean now?  Probably not much short term except for continually rising inflation, stagnating wages, spikes in crime, and given the nation’s resemblance to the rest of the 1970s, I’m sure ugly polyester clothes are just waiting in the wings.