Last August, Standard & Poor’s downgraded the U.S. government from its triple-A rating, sparking a plunge in stocks. Robert Prechter, founder of Elliott Wave International, says another downgrade is likely in the cards.

“One is pretty likely eventually, because there’s plenty of [government] borrowing continuing and not much plan about how to pay it back,” he tells Yahoo.

“That’s the normal course of business in terms of governments all over the world. Some are a little faster than others, such as Greece, Spain, and Italy, but we’re in the same pack. Our government spends money it doesn’t have.”

Editor's Note: Startling Proof of the End of America’s Middle Class. Details in the Video

U.S. government debt totals $15.7 trillion, slightly higher than GDP of $15.5 trillion.

The outcome will be higher interest rates, Prechter says.

“After 31 years the bond market may be ending a long-term uptrend and getting ready to turn down," he maintains.

While some economists worry about the possibility of higher inflation, Prechter says, “the magic world is deflation.”

Deflation is the source of many of our economic problems, Prechter says. “It’s why the stock market is finally caving in.”

And deflation will ultimately mean higher interest rates on our bad debt, just like in Europe, he says.

Many economists apparently don’t share Prechter’s concern.

A recent survey by the Blue Chip Economic Indicators found that 93 percent of top Wall Street strategists and economists aren’t factoring a plunge over the fiscal cliff into next year’s economic forecasts, Fortune reports.

Editor's Note: Startling Proof of the End of America’s Middle Class. Details in the Video