We have big economic problems in this country, but in comparison to those, this S&P downgrade is a grain of sand in the Sahara.
The first problem we face is that our currency has no intrinsic value. When a currency is not backed by anything of finite value, you can make it up out of thin air, and we have. I'm not going to get political, but when you have unlimited dollars, a government can engage in basically any activity it wants with little immediate pain to its citizens. Gone are the days, such as back during WWII, when we had victory gardens, and gave up silk stockings because we had to, because resources are finite.
Now we just print more money and buy what we want, pushing the day of reckoning down the road in the form of inflation.
We have a bank, in the form of the Federal Reserve, that controls interest rates, but is not a government entity and does not answer to the government.
Again, not getting political, or meaning to, just trying to say that things don't make much sense.
Interest rates have nowhere to go but up. Get rid of your variable rate debt by locking it in or paying it off.
If we have runaway inflation, money in savings loses value compared to money you're earning on the job, so consider taking some savings and making any urgent repairs/purchases now.
Keep an amount in readily-available cash that makes you comfortable and gives you a safety net.
Consider stocking up on things you know you'll use, especially things like a new set of tires, or imported items, that make heavy use of petroleum products in one way or another.
As a general practice, try to become as self sufficient as possible. It's good for you!
Meet your local food producers! If the cost of oil skyrockets, the more you can buy within a 20-mile radius of your home, the better. And locally grown food, in season, is highly likely to be better for you anyway.
I wouldn't panic, though.
