A growing number of Americans are bracing for the worst.

A recent survey by YouGov found 42% of Americans believe the country will experience a “total economic collapse” within the next decade, while more than a third think a civil war is likely (1).

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That level of pessimism reflects a broader sense that multiple risks — economic, political and technological — are converging.

But what would a “total economic collapse” actually look like?

The closest historical comparison is the Great Depression. During the 1930s, U.S. unemployment approached 25%, the stock market lost nearly 90% of its value, and it took decades to recover fully (2,3).

While today’s economy is far more resilient, the fear of a severe downturn is not entirely unfounded.

A combination of overlapping threats has led to an increased anxiety among Americans. One of the biggest is the growing federal debt.

According to the Committee for a Responsible Federal Budget, U.S. debt has reached about 100% of GDP, with deficits and interest costs continuing to rise. The group warns that without policy changes, “some form of crisis is almost inevitable” (4).

A fiscal crisis could take many forms: a financial market shock, a surge in inflation, a weakening dollar or even a gradual erosion of living standards over time.

At the same time, some economists see deeper systemic risks building.

Financial risk expert Richard Bookstaber warned in The New York Times that the next downturn could be even more severe than the 2008 financial crisis (5).

His concern is that today’s financial system is tightly interconnected, linking markets, artificial intelligence, supply chains and geopolitics. That means a shock in one area — such as conflict involving Iran or tensions around Taiwan — could spread quickly across the entire economy.

Energy markets are already showing signs of strain. A report from U.S. News & World Report noted that disruptions in the Strait of Hormuz, which handles about 20% of global energy trade, have pushed oil prices higher, raising concerns about inflation and the risk of a recession (6).

Meanwhile, the rapid rise of artificial intelligence is adding another layer of uncertainty.

Citrini Research outlined a hypothetical scenario in which AI-driven job losses trigger a negative economic spiral — reducing wages, weakening consumer spending and ultimately destabilizing financial markets (7).

While that scenario is speculative, it reflects a growing concern: that technological change could reshape the economy faster than workers and institutions can adapt.

Taken together, these forces help explain why so many Americans feel uneasy.

Long-term pressure of rising debt.

Near-term volatility tied to elections, inflation and global conflict.

Uncertainty of how AI will affect jobs, wages and growth.

No one can say for certain whether these risks will lead to a crisis—or how severe it might be.

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Even if a “total economic collapse” never materializes, it’s still wise to prepare for economic uncertainty.

Here are some general recommendations:

Build an emergency fund: Set aside three to six months of essential expenses to give yourself a buffer if income is disrupted.

Tackle high-interest debt: Pay down credit cards and other costly debt, these can become much harder to manage during downturns.

Plan for income shocks: Think through how you’d handle a job loss or reduced hours, and identify backup options in advance.

Diversify your investments: Spread your risk across sectors and asset types to avoid overexposure to any single trend.

These steps won’t prevent a recession but they can help cushion the impact if one occurs.

The fear of a “total economic collapse” may sound extreme, but it reflects a real shift in public sentiment.

Americans are looking at rising debt, geopolitical tensions, technological disruption and market volatility.

Whether those concerns prove justified or not, being prepared is far more useful than trying to predict exactly what happens next.

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YouGov (1); Franklin D Roosevelt Library (2); Goldman Sachs (3); Committee for a Responsible Federal Budget (4); The New York Times (5); BBC (6); Citrini Research (7)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.