In case you haven't read the book This Time Is Different, you should check it out.
I really do think this time is different. We do not simply always come out of a downturn. We are driven out of a downturn by innovation and hard work. I believe we haven't seen the worst of the current mess. And, that any recovery will be on a different, lower trajectory as we continue to weigh down the producers with the obligation to support non-producers.
I thought you might find the following article interesting. The state of politics doesn't surprise me. What surprises me is the percentage of GDP made up of Government Spending. Wow. At least we aren't France, yet.
France's future: A country in denial | The Economist
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