From: Myth of Decline, Danny Gross, Newsweek, Apr 30, 2012 (edited)
In the fall of 2008, the US suffered its deepest longest economic contraction in 80 years. Its markets were cut in half.
The numbers: Annual deficits over $1 trillion, 8.75 million jobs lost, $4-per-gallon gasoline.
Declinism quickly emerged as the chic intellectual pose.
All agreed that the U.S. had a very slim hope of recovering from self-inflicted blows.
In fact, March 2009 marked the beginning of a recovery.