People are way too dramatic. Recessions happen. Before the last couple decades the US alone averaged a recession every 5-6 years. Recessions happen. And recoveries happen. The same shall happen here. Doom and gloom is ridiculous at the moment.
For example, our current housing market here resembles the 1980s real estate bubble that had just gone up and up and up. When it crashed it took over a decade for the real estate market and prices to fully recover. But it did, and led to this current 15-20 year real estate boom that seems about to crash hard. a correction in this form was needed then and is needed now, even if it hurts in the short term.
People will suffer in 2023-24 when the recession gets going, but once again the economies will recover. As they always do. Business as usual.