Which would be worse. Economic collapse or long lasting malaise?

via The Washington Examiner.

A top financial advisor, worried that Obamacare, the NSA spying scandal and spiraling national debt is increasing the chances for a fiscal and social disaster, is recommending that Americans prepare a “bug-out bag” that includes food, a gun and ammo to help them stay alive.
David John Marotta, a Wall Street expert and financial advisor andForbes contributor, said in a note to investors, “Firearms are the last item on the list, but they are on the list. There are some terrible people in this world. And you are safer when your trusted neighbors have firearms.”
His memo is part of a series addressing the potential for a “financial apocalypse.” His view, however, is that the problems plaguing the country won't result in armageddon. “There is the possibility of a precipitous decline, although a long and drawn out malaise is much more likely,” said the Charlottesville, Va.-based president of Marotta Wealth Management.

This story is burning up parts of the social media.

I think everyone is missing the real scary (at least to me) part of this story.  An economic meltdown would be harsh.  It would catch many by surprise and it would jolt the Federal government to deal with many issues they're unwilling to face up to today.

Entitlements (all of them, even to the elderly and poor).  Budget deficits.  A jacked up trade policy etc...

A meltdown of the economy would focus everyone on real problems instead of the nonsense that we see today.  But what if we got hit with a long lasting malaise instead?  How would our population and politicians react to that?

I don't know and quite honestly that is the scarier proposition.