A lot bigger bills and smaller living standards. Food getting more expensive and housing going wild, making it almost impossible to buy something on their own. I expect those things. Of course, it won't hit all, but it's gonna become norm.
Standard of living in the EU will be good enough to live there. But imo it's on a decline and that won't change. Keeping up with the big boys won't be possible. China is becoming too big beast to control and we'll just get overrun. I expect tons of Chinese companies to pop up in the next 5 years...
Imo we're gonna see plenty of "to each his own". Europe is going to suffer because they/we are not prepared for this. I don't think America will have it bad, though. The EU, though, might as well collapse.