The headlines all sound alarming: the downgrade. The debt ceiling. Global stock markets tanking. 

And they are alarming, which means the latest financial news may be triggering fear in consumers. That, in turn, would slow down the economy. It’s the age old debate over whether the economy is fueled by numbers or by fear.

Is the chaos is reaching from the top of the economy down, to where regular folks are working and living?

Car loans have not been affected by this week's bad news. Credit card interest was volatile, but has not changed in recent weeks. The same for home mortgages: they're harder to get these days, but that's been the case for some time now.

All are factors that touch most Americans’ lives. But economists say if the consumer doesn't spend money, the economy does not recover. Period.

“If people in Miami and South Florida and across the state of Florida become more fearful about their economic futures, less willing to spend,” says CNBC Financial Expert John Harwood, “that is going to exacerbate the economic slowdown.”

In the end, the only opinions that matter are those of regular folks, consumers, those who will spend the money -- or not spend it.

Consumerism on famed South Beach landmark Lincoln Road looked fine on the surface, at the very time when the stock market plunged and the credit ratings dip.

“Well, I'm moving here,” said Iowan Mekell Heklle, when asked whether all of that has actually affected her financially. “So its definitely a concern of mine, I would say." 

"Yes,” responded New York retiree Anthony Acceta. “I invest[ed] money in the stock market, and now I'm going broke."

Steven Verona of Miami is certain the driving factors are both numeric and emotional.

“It's fear and impact," he said. "When people are fearful about the future of the economy, they want to save more money, they're hesitant to spend. And then it's real because...it causes business leaders to not create new jobs.”

Jessica Karr of Pennsylvania said, "Definitely. Because I just graduated from college and I have student loans and I'm finding my first job after having my daughter.”

Dina Colantrello of Palm City thinks the alarming economic news will “make them feel a little more conservative. But I think there's a level of confidence. If anything can happen with the American people it's confidence. And we'll come back. We'll be fine."

The University of Florida's monthly study says consumer confidence in the Sunshine State rose two percent July over June, but that figure does not include this recent turmoil. Their next survey will be released in late August.