Investors who see gloom everywhere they look are probably not looking far enough afield. To be sure, there won't be solid GDP growth in the United States or the eurozone over the next few years. As Europe deals with its debt crisis, austerity measures will slow growth.

In the United States, the November elections will determine a great deal about how we handle the fiscal cliff looming at the end of 2012. But whatever happens at the polls, the economic problems for President Obama or President-elect Romney will be difficult to handle, and almost all actions needed are sure to result in slowed economic growth.

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