The Consequences of a Credit Downgrade

After years of socialism and profligate spending, the chickens have come home to roost in DC.  S@P has downgraded the superpower from AAA to AA+, with a veiled threat of future downgrades, unless something is done to move towards balanced budgets.  There are going to be many ancillary consequences of this ominous fiscal calamity.  The Cato Institute has put out a useful 2-minute video explaining what to expect from the new reality.