It will never happen. Without the Fed, interest rates on the 10 year UST would be 10% right now. That would make the deficit unaffordable and the Government would have no choice but to spend less $$. Basically, it would be a second Great Depression, but maybe even greater because the bubble is a lot bigger.
The only thing saving our bacon is that every Western country is in the same boat. Basically, all countries of stature are industrialized with aging populations. Absent a huge technological breakthrough of some sort, there is nothing to stoke the growth rates of the past. We will just continue selling to each other and experience near zero or even declining growth (again, due to our aging population).
This also explains the push for immigration. Business interests are DESPERATE to import consumers to sell to. The fact that these newly minted consumers are Third Worlders who will change the culture and have to be put on the dole to buy stuff does not phase them. Why? Because the “taxpayer” will foot the bill, not them; they will just get the profit. The Elites think they will always be insulated from the consequences of their policies, no matter how destructive.
And, hey: they might be right.
So you buy the lie that Government deficit spending is “saving” us? Why should I listen to you?