This column by Rich Lowry is spot on that while the current overall situation in the United States is bad, it has been much, much worse.
One of the examples that Mr. Lowry describes that I would like to highlight is the depression of 1837.
While it was up to that point the worst economic downturn in the young nation's history, what Mr. Lowry did not mention is that the federal government did not intervene to right the ship. That was left to the free market to do. Not until President Herbert Hoover tried to intervene in the similar situation in 1929 did the federal government directly intervene to try to right the economic ship.
It should not be the federal government's role to intervene as directly as President Bush has and what President-elect Obama most certainly will do.
What should be worrisome is that a bad situation, not the worst in American history by a long shot, could be made worse by practicing discredited Keynesian economics.
Read the whole column, especially as we head into not just a new year, but a new administration.