What affect will the downgrade of the US's credit rating have on the average American?

It will likely raise interest rates on key government and private institutions. It will roughly cost 100 billion in interest, and so businesses will likely do less hiring, consumption will likely decline and housing will hit it's bottom. So, this touches us all. Many will find unemployment beyond any historical norm and we'll see the end of big government via the force of bad credit. Military, education, entitlements...will all suffer due to this.

It's just bad.

I'm no expert by a long shot, not really political, but I'm thinking that we can probably expect to have less discretionary income (i.e. yes probably higher taxes along with higher living expenses with no increase in income to compensate).

I figure if we expect and plan for financial disaster, on a personal level, anything less will be a relief.

My life is not lived in DC, or on line, or in headlines. It's lived every day, day to day. I'm not rich, not even halfway close to hitting the middle of the field. I'm lucky to have a job, blessed to love it, and grateful for it. I'm not looking forward to paying more for less, but that's probably what's coming.

If there are any answers for the average American (even any common sense 'real life' advice) I'm not seeing them. All I can do is try to prepare for the worst and hope for the best, knowing that the reality will probably be somewhere in between.

Aside from the massive celebration by Teapublicans the biggest impact will be on the average American. Wall Street hates President Obama. Wall Street gas been holding back on investment and spending in order to hurt the economy in order to hurt President Obama. They will use the credit rating as yet another excuse to say they do no have confidence in President Obama and thus will not spend the estimated two point three TRILLION dollars that they would otherwise feel free to invest & spend.

Yes this means fewer loans at higher interest rates to small biz owners. This also means fewer loans to minority owned biz because it is assumed that they support the President.

The Teapublicans have been saying the same thing for three years: "MORE JOBS need to be lost in order to force this uppity N-------r from the White House."

I will admit it is not all racism, the Teapublicans are sincere in wanting One Party Rule. They want all Democrats to be thrown of office and for there to be one party only, an experiment that worked so well in Germany in the 1930s and 40s.

Peace/////////\\\\\\\\\\\\

According to the experts we could face high interest rates, another slap in the hands at the hands of the republicantea party.

Since the rich are protected by the neo-cons, the average American will once again bear the burden of the money crunch.

Well, eventually it'll lead to us having to learn Chinese...