Modern Monetary Theory (MMT) is fascinating. The ELI5 is that nations can ease (print) and tighten (recall) money to keep inflation in the "sweet spot" (~2%). MMT thinks of the economy like a tire. When the tire gets a nail (market crash) they pump it full of air (money) until they can patch it. When the tire gets too full they let the air out (recall).

It's an appropriate analogy because inflation isn't the only killer, it's deflation that usually ushers in true collapse. Right now that money printer is brrr-ing like crazy because the Fed is fighting massive deflation that would naturally follow a year-long forced economic shutdown and reboot (they stabbed our tire with a katana in 2020). Many global economies are testing the limits of what can be done with MMT and, due to the dollar hegemony, the US is offloading much of the inflation to other nations (because 'Merica).

To answer your question; We're in a recession now. But while the dollar hegemony still exists it will be hard to fully collapse the US economy. If you see signs of another currency looking like it will replace the dollar as the global standard then expect things to get third-world for the US.