We're going to move from rosy predictions about the future, to denial about the reality, to a collective "wellwhatchagonnado," to "Actually, the natural rate of unemployment is 17%."
Unemployment levels were seen as insanely high at the beginning of the Great Recession. And then they barely dropped. And then they weren't seen as insane at all anymore. And then they weren't seen as a problem at all. 10% unemployment is going to look hilariously minor compared to what we have now.