Robert Doll: The Bullish Case for the U.S. Economy - WSJ.com

Very interesting commentary by this American optimist. He still thinks that the US will somewhat outperform the rest of the world, particularity the developed nations but more due to being the best in a bad group. Although he does not come out and say that socialism is what has hurt the economies of the developed nations he does make comments like this on....

What about the impact of ObamaCare, the 2010 Dodd-Frank financial reform law, and the president's continuing advocacy of tax increases? "All three of them are retardants to growth," says Mr. Doll.

Over-the-top interference in the American economy has definitely reduced the robustness of the nations economy. And what has all of this interference done for us? It has created structural problems.....

He also concedes that "we face formidable long-term structural problems that make the U.S. less attractive than it otherwise might be," and yet he has written in these pages about America remaining a "city upon a hill" in the vision of Puritan John Winthrop. Mr. Doll could be making the least inspiring case for American exceptionalism in the history of the republic. "You might say we win by default, which is not a fun way to win," he says.

He is also optimistic on what is going on in Washington whereas, I am not.....

Also, it should be noted that his outlook is premised on meaningful spending reductions in Washington. "I think we are moving in an austerity direction," he says. "Six months ago, no one had a plan that said, 'I'm going to be able to cut the deficit by X trillion over Y years." Now, with House passage of a bill by Rep. Paul Ryan (R., Wis.) and the looming vote on the nation's debt limit, he hopefully notes that all sides are at least talking about "trillions over years."

I think that the US will continue own a path of continuous intervention in the economy with the stated goals being social justice and protecting poor people but in reality, as it has always been, these government programs benefit the politically connected and crony business partners of politicians. The only way that Americans can extract their nation from the jaws of the leviathan is to forcibly take it back. Some will try to do it through traditional means but I am a believer that Americans should not be coerced by their government to do things that they normally would not consider doing and that civil disobedience is the correct path to take. One cannot govern without the consent of the governed.

Robert Doll: The Bullish Case for the U.S. Economy - WSJ.com