It did collapse - in 1994. The question is: What does a collapse look like?. Institutions don't disappear; they become more and more ineffective. People still get up, put on their britches and go do something. Even China functioned after a fashion during the Cultural Revolution.
We made our way through the great depression.
Nothing like the CIA predictions of rioting, violent government overthrow, anarchy, looting, starvations, disease, tens of millions of refugees exiting in mass. The thing or two I read were biblical.