Will The Economy Collapse?

[median]

I was reading this article: http://www.moneynews.com/MKTNews/billion...ce=taboola, and I would like to know what you think about, what some are calling, the "coming collapse". I found reviews for the book Aftershock by Robert Wiedemer. There is another book by the same title, by Robert Reich, which pertains (generally) to this subject as well. Weidemer is basically arguing that we either take a hit now (i.e. - decrease entitlements), and we MAY stave off a huge collapse, or push the debt back further (increasing the money supply), and then we will certainly have a kind of economic Armageddon.

There is no question that tons of Americans were living beyond their means prior to the burst of the housing bubble, and now they are having to cut back (like companies are also having to do), and live within their means. So, what are your thoughts? Will America face an economic TKO in the next 2-5 years? Please site sources.