[citizen]

Imagine if (when?) rates go back up ....

If raising rates will bankrupt the country how can rates ever go back up?
I don't see any way this can end well.
(But then, I'm not that smart which is why I'm reading FR)

[expat_panama]

America is far more powerful than anyone wants to admit, and the higher rates will not bankrupt the nation.  What will most probably happen (imho) will be federal spending on 'human recourses' will see HUGE cuts, the debt and new borrowing will drop big time, and America will not only survive but prosper.  Ah, and the recovery pain will all be blamed on "cold, heartless corporations".