With every presidential election comes a spirit of renewal (at least for those who supported the winning candidate). We're emboldened to look ahead, to renew our faith in the future, to reaffirm our belief that despite the occasional stumble, economic expansion will continue indefinitely.

What's in store for the U.S. and global economy? To Walter Kemmsies, chief economist of engineering firm Moffatt & Nichol, the next few years will bring "the good, the bad and the ugly."