We seem to be alright in our economic situation. The country’s stock market has declined little. The housing bubble is certainly a problem in highly speculative markets examples: Greater Miami and Las Vegas. However, the people in other markets such as Vermont have asked why they should subsidize those markets for their stupidity. Good and fair question.
The United States is not careening off the economic road as some have suggested. Take note: there are people who benefit from suggesting an extreme situation. Politicians come to mind this year.
As a country, we need to save more, spend less and use our time to enjoy our many blessings. If we overreact to our problem, the pendulum swings wildly the other way. That is just as bad.