Opinion: Is It Twilight in America?

In 1984, Ronald Reagan's campaign said, "It's morning in America." The idea was very compelling to voters, and he was re-elected in a landslide. Americans love the beliefs that this country always has its best days ahead of it, that their children will have a better life than they did, that things are always going to get better in the long run.

This kind of optimism is a wonderful thing. It's part of why we've been able to do so many great things as a country during the past three centuries. Unfortunately, optimism alone will not solve our current problems. What we need at this point is a heavy dose of reality and honesty from our nation's leaders, even if that means telling people things that will be very unpleasant to hear.

What do I mean specifically? For example, the most fundamental economic problem we face is not a credit crunch, or unemployment, or falling home prices, or a stock market crash. All of those things will naturally correct themselves over time. Of course, that assumes our economy stays capitalist, which at this point may not be true. ...