“Never, ever bet against the USA’s ability to put out work. This period of market uncertainty will pass. We’ve been through world wars, civil wars, and Jimmy Carter.”
You are correct as far as your statement reflects the past, but this is a whole new game. The USA does have a great ability to “put out work”, but perhaps not the will. With a huge percentage of the population dependent on the government in some form or other, there is a great tendency to sit back and live off the efforts of the minority who actually produce.
This is not 1865, nor 1955, nor ‘85, nor even 1990. The collective attitude has changed dramatically, and is continuing to hurtle rapidly in the wrong direction. Yes, we have been through the things you state, but we have yet to “be through” the effects of Emperor Buckwheat and his hidden handlers.
Sure things have been bad lately. But I suggest things have been worse in the past. If I were to give in to the theory that there’s no hope, I wouldn’t bother getting up in the morning.