To the pessimistic woe-is-me ecomonists/politicians/regular Joes (this might even include "Joe the Plumber"): you are doomed to fail in your efforts to doom the economy.
An article in the LA Times a few weeks ago addressed the resiliency of the American economy. We have seen rough spots in our history and have always managed to bounce back. Albeit, it took some time, but I'm guessing there were plenty of investors who recovered their losses and then some.
Anyway, the article by Max Boot cited the results of this year's World Economic Forum, which ranks nations in certain areas. For example, USA was ranked first as the most competitive economy in the entire world for the past two years. The per-capita gross domestic product in the U.S. has consistently grown faster than in other developed economies since 1980.
Why? Because of our domestic market size, the time required to start a business (No. 3), venture capital availability (No. 1), the cost of firing an employee (No. 1), ownership of personal computers (No. 2), university/industry research collaboration (No. 1) and quality of scientific research institutions (No. 2). Those are just a few of the areas where we came out on top.
I can think of other reasons. Competition. When you're shopping for really just about any product (except public education, of course), you have a huge variety to choose from because of the amount of producers. Competition drives lower prices. Competition causes improvement in products, improvement in wages & benefits packages for employers, higher standards for all.
This is America. Even if the Dems take both ends of Pennsylvania Ave as a result of this November's election (*gasp*), we will not be kept down. Unfortunately, if that happens, it'll take even longer to pull out of this sticky mess, because they will only continue to do two of the most "problematic" areas for doing business in the US (according to the World Economic Forum Survey): -- high tax rates and cumbersome tax regulations.
America is the best place on the planet to live. Truly a rich nation. Let's keep her that way.
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