The good news, however, is that not every prominent economist shares that view. Ross Devol, the Executive Director of Economic Research, at the Milken Institute, a non-partisan think tank based in Santa Monica, California, believes "a return to modest but sustainable growth is close at hand."
In light of Devol's lamentations over the "volume and vitriol" that "bleeds over into the realm of economic forecasting" contained in his latest paper "From Recession to Recovery: Analyzing America's Return to Growth", we'll keep this brief, and let his most recent predictions do the talking.
Among Devol's forecasts include a strong recovery in business investment in equipment, particularly in IT and software, more robust U.S. exports driven by emerging-market demand and policy, a more upbeat consumer and record low long-term interest rates. All of which, according to Devol, will induce the U.S. to add 3.1 million jobs in 2011 and another 2.6 million in 2012, translating into real GDP growth of 3.7 percent in 2011, and then 3.8 percent in 2012.
Devol paints a pretty picture. Here it is, in chart-form. And because, as Robert Shiller points out, "fear of a double-dip recession could cause one," enjoy these slides and think positive.