On that note, I often attempt to talk people off the ledge when they catastrophize about societal collapse. Really bad recessions seldom even amount to a 10% decline in average living standards.

Descending into a Mad Max style dystopia is wildly unlikely. Realistic worst-case scenarios are more like you have to get through a tough financial time, in a society that's 90%+ as wealthy as it is right now.

The only widespread societal collapse I'm even aware of is what happened in post-contact America.