Bullish On America?

But not necessarily in the short term. Tyler Cowen posits:

I'm still an optimist about the much longer run, whether for utility or GDP.  In fact the greater the current labor market troubles, the greater the long-run "human capital dividend" from reallocating resources.  Sooner or later, we'll have another burst of important innovation, comparable to that of 1870-1940.  We just don't have it now.