To deteriorate rapidly. This expression, originating in America in the early twentieth century, owes its appeal to alliteration. It also makes sense: something carried in a handbasket is light and easily conveyed, whence the phrase can mean going to ruin easily and rapidly. However, more likely it is simply an alliterative elaboration of gone to hell, which has meant ruined or destroyed since the early nineteenth century. The cliché tends to be applied to large generalities, as in “The economy is about to go to hell in a handbasket.” See also go to the devil; go(ing) to the dogs.