The Antiplanner has a good post addressing America’s not-so-pending economic collapse.
…despite the arithmetic logic that says the U.S. government is a poor credit risk, people will continue to lend to us because we are the only place in the world with potential for near-unlimited economic growth. It may take decades; we may have to short-change baby boomers on promised social security; and it will only be delayed by expensive programs like Obamacare and inane projects like high-speed rail; but eventually we will pay off those debts and return to full economic health.
That doesn’t mean we shouldn’t fight those programs, but it does mean we shouldn’t panic or give up. Economic freedom will prevail, and we should use every tool of our political freedom to maintain that economic freedom.
Along similar lines, Pascal Bruckner has written:
America has an amazing ability to live with a dose of structural anarchy, extremism, and chaos that would kill Europeans. So that in America, regularity paradoxically arises from a permanent state of crisis.