I was on a VPS that was set so if the MySQL connections reached too many, the MySQL server would just shut down. There was no throttling of any kind. My guess is that your MySQL server is shut off if it running on localhost. If it is on a dedicated box then it is possible the connection to it has failed for some reason; which would be a issue for your provider of the dedicated box. Now if the MySQL server is on the same dedicated box, then you need to go into your control panel and start it. OK, it is possible the socket that the MySQL server connects on has been closed for some reason; if you close the socket, then it can not be used. Perhaps this was done as a mistake in trying to make the server more secure.
If you don't have the knowledge to do these things, then contact your provider for help. If your box is unmanaged, then put in a support ticket and see if you can order a one time service for whatever fee they charge.
Give us a little more detail on your setup, what control panel you use to work on the dedicated server settings, etc.