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Yesterday Fred Wilson (A VC) shared his views on how an economic downturn might impact the Web. (It was also a guest post on Silicon Alley Insider.)
As background, Wilson mentioned:
I am also concerned by large and sustained budget deficits.
My prescription: a strong dose of Steve Conover's The Skeptical Optimist. US Debt-to-GDP ratio is not large compared to other major economies such as Germany and Japan, nor when taking a long view of history. The only "sustained" trend is downward, projected to be in balance by August 2009 (with the usual caveats).
Even more important: Why Debt Doomsday is a Myth (economic growth and debt rollover), and how to correctly use mortgages as an analogy to understand government debt (look across generations).
Wilson's post lists other concerns, and in any case there will be some sort of economic downturn at some point. So it's still worth a (cautious) read.
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