America on the comeback

Nice to see a optimistic piece on the economy for a change. Newsweek points out that for all the doom and gloom predictions out there, the long-term decline of the U.S. economy has been greatly exaggerated and offers a more rosy prediction.

So what will our new economy look like once the smoke finally clears? There will likely be fewer McMansions with four-car garages and more well-insulated homes, fewer Hummers and more Chevy Volts, less proprietary trading and more productivity-enhancing software, less debt and more capital, more exported goods and less imported energy. Most significant, there will be new commercial infrastructures and industrial ecosystems that incubate and propel growth—much as the Internet did in the 1990s.

Furthermore, "the federal deficit is running significantly lower than it did last year, with the budget gap for the first half of fiscal 2010 down 8 percent over the same period a year ago."

I'm no economist and who knows if this is going to last, but even though I despised the tactics, the economy does seem to be improving for the moment. All I know for sure is if McCain had somehow won in 08, things would be much worse and I would have no hope at all for the future. So there's that.

[More posts daily at The Detroit News]