America was in decline, we were told, as part of an historically inevitable rise and fall of nations. Key industries were seemingly being hollowed out, leaving some regions of America so economically desperate that comparisons with the Great Depression were commonplace. At both ends of our political spectrum, economic populists and nationalists emerged and, while they offered cures worse than the disease, they gained considerable support. And friends and allies around the world beseeched us to get our house in order. Just a few years later, this picture has been turned on its head.
American industry is vibrant.
U.S. unemployment is at its lowest level in over two decades. And few speak of an America in decline. One factor undoubtedly is the human tendency to view things more starkly than they really are, both the hard times and the good times. But more fundamentally, we took the advice of our friends around the world to get our house in order. Our people have adapted to the discipline imposed by markets, despite the difficulty involved at the time and the ongoing anxiety that affects many.