One of the things that bothers me a lot when I hear people speak of the need to do something immediately is the fear of recession. Recessions are not bad things. In fact they are pretty necessary in a well running capitalistic economy. Granted, you don't want to have a Great Depression sized recession, but it is absolutely needed if we wish to have the benefits of a boom cycle.
Think of it this way. The economy has some average growth path. But like any average, it is a combination of highs and lows. The economy does just that, it has highs and lows. There are going to be times when the economy is going strong. This is a cycle that feeds on itself, growth begets growth. But growth can also beget excess. Economic growth, like a rising tide, raises all boats. Some of these "boats" really don't deserve to be raised. They ride the tide of economic growth but really need to sink to the bottom. These are the people who get rich by adding very little of real economic value. These are the idiots who made a fortune buying houses with no money down, sitting on them for a month, and then flipping it for instant profits. There is no real economic value in that and these are the type of people who shouldn't be successful.
That is where recessions come in. They are the great equalizer. Recessions seperate winners from the losers. Those who really do add value, continue to survive. People who were prudent and realize that there is always a bust following any boom, are the ones who make it on to the next boom. These are the people who realize that a long term outlook is the only outlook. These are people like Warren Buffet who don't ride the volatile cycle of boom and bust, but keep a level and even head amidst all the calamity.
In any well functioning society, there need to be winners and losers. Sometimes in the short term, the winners and losers end up in the wrong bucket, and that is unfortunate. This is when an average Joe loses his job despite doing nothing wrong. But in the long run, it always works out. If he is truly a winner, he will come out ahead before the race is over.
As a personal note, my family was destroyed during the recession in the 1990's. My father's business went under and he subsequently deserted my family. It wasn't an easy thing to get over. At the time it seemed like the end of the world. But in retrospect, it was absolutely necessary and the best thing for everyone. My father, although a good cook, probably wasn't the best business man. It wouldn't be in anybody's best interest, even my own family, to have propped him up and let his business continue. My family survived it all and came out stronger for it. I like to think that is because I really do belong on the "winners" side.