The need to service crushing debt is a large part of what everybody is hoping will fall away. A primary economic concern right now is people losing their homes for failing to make rent, whether they rent from a landlord or "own". Businesses will go bankrupt for much the same reason - high burn rates that were mainly just going to the banks.

Debt has metastasized and spawned many industries, so its retraction is unlikely to be a peaceful event. But it is a cancer that will kill our society some time. The only question is if now is that time, or if some patching will get the system through this and we can go back to pumping the stock market as a false idol of productivity.