The backbone of America's economy was just dealt a serious blow

[Aussie105]

4. Rein in your spending?

Sure!
You spend more on the essentials, so you give up on the non-essentials. Just trying to keep afloat, not dip into anything you have saved up.
Non-essentials like clothing, white goods, eating out, that coffee-on-the-run, lusting after a new(er) car, going places, birthday presents, etc.
Put those off to later.

One good thing may be that a new generation learns how to cook at home, and how to pick the best value in vegetables and meat.
(HINT: Seasonal veg, chicken.)
Spices are important - we had homemade Thai red curry, vegetarian, with rice tonight. Double batch made, half frozen for a future meal.
Yes, me, a male of 75 years young cooked it, even did the dishes afterwards!

Back to basics - not such a bad thing.

Economists say though . . . we is gonna be ruined! 'Serious blow'? Not really. Stuff them!

AND THE CHORUS SINGS: give us more money and watch us spend it all!

Input and output, a financial concept some economists don't seem to understand.