What is next for the US? My own guess is that it will either be Stagflation or Deflation. Stagflation if the rest of the world really has decoupled and can sustain demand despite the weaker demand from the US consumer, Deflation if the global economy is still mainly reliant on the US consumer.
As odd as this sounds... D) All of the above. We're seeing massive deflation in the housing market but rapid inflation for food and energy. Stagflation is also pretty obvious. The government grossly underestimates the GDP Deflator for some unkown reason.