I disagree based on my participation in the US corporations for 37 years. I know first hand how good American ingenuity is. All it needs is freedom from excessive regulations and excessive taxation. If R+R get elected, along with a working majority of republicans in congress, look for SPX to go north of 2000 by year 2016 and DJIA to go north of 19,000. When that happens, all boats will rise, as they always do.
SO I am not anywhere as pessimistic as you depending on who wins in 2012.