It’s inevitable, especially if large numbers of angry Americans “go Galt”. The unemployed will remain unemployed, and when they reach their credit limits, guess what will happen...
I would argue that massive defaults are as certain as the next sunrise.
I think so too. We've pretty much Galted (except for very local merchants). This could very quickly turn into an act of civil disobedience as people use credit card defaults to flip the fiscal bird to “the system.” Rough time ahead. Stay out of debt as best one can.