The TEA Party was right, they foresaw this meltdown part deux, as the result of massive govt spending. Tea Party understood that intrusion of government into free market would corrupt the market, damage the natural economy and create a lack of confidence.
Confidence and trust are necessary to create wealth.
Government must shrink. The current levels of micromanagement have profited only a cadre of bureaucrats and politicians whose only motivation is personal power. Their massive micromanagement is shrinking the economy and making us all much more poor. This is current mayhem is the expected result when authoritarians enslave a market.
A free market economy works much better for every one. It is critically important that Congress work to restore a free economy. You can expect to hear a lot of posturing about government creating employment (it doesn't) and responsibility to socialist state dependents, but all of this is red herring. Government control of the economy is cracking it. Maintaining socialist spending habits and government micromanagement will only make things worse.
How'd this happen?
Management of government benefit programs like SS and welfare have attracted a class of unscrupulous bureaucrats and politicians who only see personal profit. This is the expected motive. But the scale of the programs matter. Corruption is easier with the increasing scale of programs.
Free market motivation is also personal profit. The market forces the quest for personal profit into a compulsion to serve other people. The free market is far more flexible than government, so it can keep up with the natural shiftiness of people out for gain.
What is amazing is the free market does this without government oversight, and without much management at all. This works because it is in every one's self-interest to watch what is happening. If something goes wrong in the free market, the result is an opportunity. By way of contrast, if something goes wrong in a managed economy, it creates misery for millions.
The free market does not require participation – this is one reason its called free. There are millions of participants, and taken together they don't miss much. Improper activity is not tolerated.
Government control requires participation, at least as a sufferer – this is why government control is immoral. Government has a limited number of managers and they miss many important details. Even if the managers were perfect altruists, they could not be perfect observers.
Life will go on, but it won't be as comfortable as it was before the enemy invaded our economic system. Like war, economic invasion always comes with a wasteful price tag. But eventually, we will prevail and we depoliticize the economy. The enemy will be driven out.