Sadly, I remember the period he describes and remember feeling everything was falling apart. Samuelson suggests that, much as we eventually climbed out of that mess, we will climb out of today's nastiness. I suspect he is right.
It is easy to underestimate the sheer inertia of our ship of state, which can survive several ho-hum presidents in a row, not to mention years of control by the political party with which you do not agree. That inertia is, in all likelihood, the secret of our system's success.