Read this and judge for yourself. I am not as pessimistic has he is, but he has some good points on the downside.
Why am I more optimistic? Because in less than 2 months, the makeup of the Congress shall change. This is the best feature - some say the only redeeming one - of democracy as practiced in the American Republic: every two years, you can throw out scoundrels and bums, charlatans and fools. You can't throw them all out, but you can get started.
Best form of government ever.