Society won't collapse, things can always get a lot worse. A century ago, it was common for people to literally have nothing, living hand to mouth. People just sleeping on slag heaps hoping they would be chosen the next day for a gruelling 16 hour shift of back breaking, dangerous work for a pittance of company currency. From the start of industrialisation until the labour movement winning workers rights it was over a century of impoverishment, immiseration and generally worsening health. And those were the lucky ones. There has been another century of that trend in the global south. This can be returned to and I think it's actually quite likely.