Government spending will be increasing due to huge demands to fight the war.
You will eat more corn, soy, beans, rice, wheat…. plant based diet.
Oil states clobbered – Texas Alaska….
Beef states clobbered – Texas
Your checks from the government may be cut to give money to the new needs. pensions,
Non essential jobs will be reduced,
which is most of the economy
– tourisms, cooks, maids, drivers, lawn, most construction, planes, auto, retail, malls, … Much of this employment is small business.
Essential jobs are often government – medical, police, fire, teachers, ..
Or big business, banks, food plants, delivery, shipping, trucks, trains. Most of which will report less profits.
Planes are uneconomic compared to trucks, trains.
Government will borrow more to pay essential wages and supplies. Prices on many essentials such as food, gas, oil will drop due to oversupply. Catastrophic deflation.
Prices on non-essentials, luxuries may not happen, not get reported. Some may inflate, others deflate.
Huge economic changes.
Financial bankruptcies still in the future but will happen.
Many businesses will go bankrupt or limp along with few profits.
The federal government will bailout some, for the short term,
but many activities are uneconomic and bailout envy will prevent federal government from bailing out forever. Inflation will happen on some products, especially luxury items.