America’s economy is once again reinventing itself

Our take: Our economy has been on a down hill slope for about a decade. With the many deficits and failings that it has had, there are some flickers of light showing hope for the future. The fear is that these sparks of hope may be doused by new policies instigated by whoever sits in the Oval Office after November. This article discusses what should be done by either President Obama or Mitt Romney to keep the economy afloat and on the road to progress.

Americas economy is certainly in a tender state. But the pessimism of the presidential slanging-match misses something vital. Led by its inventive private sector, the economy is remaking itself.

What should the next president do to generate muscle in this new economy? First, do no harm. Not driving the economy over the fiscal cliff would be a start: instead, settle on a credible long-term deficit plan that includes both tax rises and cuts to entitlement programs.

Read more about presedential economic influences on The Economist.