By July, we will come to feel that 2009 will be one of the most upbeat years in our history, as that used to be the news media begins to get behind America and report on all the mysteriously wonderful things that are suddenly taking place.
All the campaign talk of the Great Depression, a Vietnam-like war, and our shredded Constitution will now thankfully subside as the Obama administration assumes office and solves problems with conciliation, dialogue, and multilateral wisdom, rather than shrillness, unilateralism, preemption, and my-way-or-the-highway dogmatism. We will hear that, by historical levels, unemployment is still not that bad, that GDP growth is not historically all that low, and that deficits, inflation, interest rates, and housing starts are all within manageable parameters. "Depression" will transmogrify into "recession" which in turn by July will be a "downturn" and by year next an "upswing" on its way to boom times.
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