I'm cautious about a lot of words.
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Everything that everyone is afraid of has already happened: The fragility of capitalism, which we don't want to admit; the loss of the empire of the United States; and American exceptionalism. In fact, American exceptionalism is that we are exceptionally backward in about fifteen different categories, from education to infrastructure.
The capacity for people to kid themselves is huge. Living on illusions or delusions, and the re-establishing of these illusions or delusions requires a big effort to keep them from being seen through. But a very old idea is at work behind our current state of affairs: enantiodromia, or the Greek notion of things turning into their opposite.