I don't believe the government will collapse us into chaos. Having said that, I do believe being prepared for dire circumstances is important. It could be as simple as a huge weather phenomenon with power outages etc.
I think having supplies for emergency situations is always a good idea. How far we carry this is up to personal preference. It's even a good idea to have some extra food set aside in storage in case you have a financial hardship one month etc. You really can't be hurt by having things set aside...as long as it doesn't become an obsession.
I have prepared in a minimal way for catastrophe.