The first is happening now: businesses are closing and our economy is grinding to a halt.
The second will follow in short order: massive job loss. The furloughed will become the unemployed. It will number in the tens of millions.
The third and possibly worst is when we realize our nest eggs are decimated, particularly the boomers. They will panic and cut back on spending, which will keep any economic recovery at bay for years.
The government will need to infuse trillions to prevent a deep recession,or even depression, to individuals, small businesses, and large corporations.