We are, simply, screwed. Not by an invading nation, nor by economic manipulation by hostile foreign interests, but by the vote-buying entitlement and purchasing programs foisted on us by our elected representatives in hopes of continued re-election.
As strongly implied by Anarchangel, and again by Mark Steyn, when it comes to economic bad times, we ain't seen NOTHING yet. The current Depression is just the warm up for when the bills come due, and that day is not likely long in coming.
How bad can it get? Take a look at the events of 1931, with food riots...and extrapolate from that just how much fun we could have in our cities today...
Looking very seriously at moving to more rural climes, here.