In some ways, I disagree. The loss of international soft power was going to happen anyway, and there won't be any quick recoveries. But economically, the weaker dollar combined with fast growth in transport costs and increasing standards of living overseas begins to favor some American manufacturing sectors again.

As long as Obama doesn't sink us further into debt via an over-aggressive foray into federalized health care or other programs, and so long as the Democratic House doesn't raise taxes so quickly that the economy takes a hit merely from that, a reasonable recovery is not only possible but likely.