Are we in need of an economic collapse?

With wages barely budging and prices on the shelves going out of control people we have having to choose between food, bills, rent, etc. Even if inflation slows the prices will not come down it's already set. Wages, especially in my state, will not go up. The government refuses to step in and stop this price gouging that is rendering people to starve or end up on the streets. Before you could predict in good faith what was going to happen a few years into the future, now it's chaos.