Possibly, but only temporarily. Improved fundamentals leads to improved economic wealth in the mid and long term.

Sure, short term there may be pain - but as long as the fundamentals are good there is always improvement.

Should a opiate addict go through painful withdrawal and kick the habit? Should they just keep the habit, live with the degenerating quality of life over time and hope the habit doesn't kill them? Should they just be incarcerated, having the govt completely manage their lives - thereby losing the habit in exchange for their freedom?

That is the analogy that seems to most fit our economic situation.

For who could be free when every other man's humour might domineer over him? - John Locke (2nd Treatise, sect 57)