If food, gas and electricity prices accelerate with the vast majority of people barely able to get by with no money for discretionary spending, the economy will collapse
Those three aren’t as bad as people can and do shift - less dining out, less steaks, etc (half of spending), gas (fewer trips out, shift to smaller cars - larger vehicles are focus now) and electricity is a small piece of the average household budget. But I think stagflation is likely - heavy inflation with small real declines in GDP but prices of everything - including stocks and real estate - keep rising in $ terms as the Fed prints to paper over the debt. People forget housing prices rocketed in $s from 1975 to 1982 even if they dropped in real terms slightly.