I lived through the collapse as a small kid, on the periphery of the empire. Some vibes are similar. Yet there is so much more wealth in the west today than there was in the USSR and the satelites back then. In my opinion the system has still a lot of room to degenerate into.

BTW all my friends and their families and their friends are doing well, no signs of (financial or any real) distress detected. It's only when I look at graphs and the incomming waves of legislation things look ugly.